Paltrow thanked her family and friends and praised Los Angeles.
"This city is so much a part of my heart and soul and the idea that my grandchildren can one day come and see my name on the sidewalk is very overwhelming," said Paltrow.
In "Country Strong," Paltrow plays a fallen country singing star who becomes involved with a rising young singer-songwriter (Garrett Hedlund), leading to romantic complications with her husband (McGraw) and a beauty queen- turned singer (Leighton Meester).
Paltrow won the best actress Oscar in 1999 for her role in "Shakespeare in Love."
City News Service contributed to this story.