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The 75-year-old British actor was honoured at a ceremony in front of the Hollywood landmark attended by around 100 guests, including the director of Caine's next film, the upcoming Batman sequel The Dark Knight.
Caine, who has twice won best-supporting Oscars for his roles in Hannah and Her Sisters and The Cider House Rules, plays the caped crusader's loyal butler Alfred in the keenly anticipated blockbuster, due out on July 18.
"It's the only award of its kind in the world," Caine told the local ABC7 television network.
"I know you get your star on the Hollywood pavement, but there's only been 192 of these since 1921, so they don't throw them about, you know?"
The London-born actor, who received a knighthood in 2000, has also been nominated for an Oscar on four other occasions for Alfie, Sleuth, Educating Rita and most recently The Quiet American.
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