The blonde star - who won the Best Actress Oscar for her role in `Walk the Line` in 2006 - was presented with the prestigious honour on Wednesday (01.12.10).
The actress was accompanied by her two children, daughter Ava, 11, and seven-year-old son Deacon, for the induction ceremony which was held outside the W Hotel in Los Angeles.
Reese looked stunning in a black and red polka dot dress as she was presented with her tribute - the 2,425th star dedication on the famous avenue.
Her boyfriend, Hollywood agent Jim Toth, was also there to see his girlfriend - who has appeared in a host of hit films, including `Cruel Intentions`, `Sweet Home Alabama` and `Legally Blonde` - receive the accolade.
The 34-year-old actress - who divorced actor Ryan Philippe in 2007 and split from Jake Gyllenhaal in 2009 - has admitted she is very "comfortable" in her relationship with Jim and says they are benefits to date someone who isn`t famous.
In the January 2011 issue of America`s Glamour magazine, she said: "I have a little perspective on this. I wouldn`t say it`s easier. Every relationship has its own dynamic. And I don`t want to disparage any of the other relationships that I`ve had that were meaningful and wonderful. But what I`m finding out is that it`s very comfortable to be with somebody who understands my career, but doesn`t do what I do. He`s a great guy. He`s wonderful."
Reese`s next film `How Do You Know` - which also stars Paul Rudd and Owen Wilson - is released on December 17 in the US.