The event is celebrating its 25th year. The stars walked the red carpet before honors were announced at the ceremony.
Meryl Streep was given the festival's Icon Award, Tom Hanks accepted the Chairman's Award for his leading roles in "Captain Phillips" and "Saving Mr. Banks," and Matthew McConaughey was honored for his lead role in "Dallas Buyers Club."
"This is an amazing festival because there's so many actors who are honored, and so many different categories, and I think the Icon one sounds the least alive but I'm happy to be receiving it," said Streep.
Among others recognized: Sandra Bullock, Julia Roberts and U2.
The stars will reunite at the Golden Globes next weekend in Beverly Hills, and the SAG Awards the following weekend.
The Associated Press contributed to this report.