The plaque, which was dedicated on Wednesday, is located just outside Burnett's alma mater, Hollywood High School.
Burnett described the honor as one of the deepest she's received in her life.
"It's more personal than anything I've ever received," Burnett said, adding that she will definitely smile every time she drives by that sign.
Burnett has been a part of Hollywood for decades. Her most memorable role was being the star of "The Carol Burnett Show."
The actress said the Los Angeles dedication and the fact that her book, "Carrie and Me," is already a hit, is almost overwhelming.
"Two wonderful personal things today. I'm just going to mark this day with a gold pin on my calendar," Burnett said.
The actress was serenaded at her ceremony by H2O, Hollywood High School's vocal performing group. The day couldn't end without the famous theme song from "The Carol Burnett Show" - the song Burnett performed every week for 11 seasons.
