Guttenberg was honored for a career that has included 52 films.
The ceremony took place in front of the Hollywood Police Activities League office in honor of Guttenberg's starring role in four "Police Academy" films.
Guttenberg recalled that in 1976, the building included the office of a casting director that he walked a few blocks to get to because he didn't want to put money in a parking meter.
"I had my audition and she told me never to come back, they couldn't use me here and I should go back home," Guttenberg said. "I said to myself, 'I'm going to give it a little bit more time.' I've been doing this 35 years. I'm going to keep giving it a little more time."
The 53-year-old started his career in 1977 with appearances in the thriller "Rollercoaster" and the made-for-television movie "Something for Joey." His other film credits include "3 Men and a Baby," "Short Circuit" and "Cocoon."
Guttenberg was also a cast member on "Dancing With The Stars" in 2008.
The ceremony coincided with Guttenberg's starring role on Broadway in "Honeymoon Motel," a comedy written by Woody Allen, part of three one-act plays titled "Relatively Speaking."
City News Service contributed to this report.