A teary-eyed Biden accepted the Presidential Medal of Freedom at a ceremony at the White House dedicated to honouring the outgoing vice president.
Obama said he is bestowing the honour on Biden for "faith in your fellow Americans, for your love of country and a lifetime of service that will endure through the generations."
After composing himself and receiving the medal, Biden stepped up to the dais and looked around the room in search of his chief of staff -- and fired him, in jest, for not giving him early warning.
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Biden praised his wife and children for their support throughout his career, and praised the Obama family for their dedication to country and service.
"I was part of the journey of a remarkable man who did remarkable things," Biden said.
"Mr President, I'm indebted to you. I'm indebted to your friendship. I'm indebted to your family," he said.
Speaking ahead of Biden, Obama said the tribute will give the internet one last chance to joke about the "bromance" the two share.
He called Biden the "best possible choice, not just for me, but for the American people."
Obama commended the "Biden heart," listing the influences in Biden's life, from the nuns who taught him in grade school, to his Senate colleagues, to his parents.
Noting that Biden's career is "nowhere close to finished," Obama said his vice president will go on to have an impact in the US and abroad.
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