Bullock, who shot to stardom in 1994 when she appeared in the action-packed "Speed," was honored for a career that includes films such as "Miss Congeniality," "The Net," "Hope Floats" and "While You Were Sleeping."
Her star was placed next to that of friend and "Speed" co-star Keanu Reeves.
"I no longer feel compelled, because of this honor, to carve my name into every wet cement board on a sidewalk," Bullock joked. "And now that I have this, I'm turning legit, so I thank you for that."
Guests at the dedication included William Shatner, Ernie Hudson, Diedrich Bader, George Lopez and Heather Burns, who co-stars in "Miss Congeniality 2: Armed and Fabulous."