The veteran Bollywood actor, who has just finished working on an adaptation of F Scott Fitzgerald novel The Great Gatsby in Sydney, accepted the award for his services to cinema in a Brisbane ceremony. He was then congratulated by film director and Great Gatsby collaborator Baz Luhrmann via video link.
Bachchan initially turned down the accolade two years ago after a series of violent attacks on Indian students, but said that he felt the situation has been resolved and he was comfortable accepting the "great honour".
The 69-year-old told AFP: "It's been a very warm welcome. I've only been seeing smiling faces and experiencing great hospitality. That was something that was an aberration and it's over now.
"To find myself in a foreign country, and to have this recognition from them is truly amazing. I do not have enough words to thank you for having bestowed on me this great honour. I value it a lot."
Bachchan also launched a new scholarship in the name of his late father Harivansh Rai Bachchan, saying that he hoped it would strengthen the relationship between India and Australia.
"Education helps us to strengthen and fortify convictions not to be swayed by preoccupation of caste and creed, race and religion," he said. "I do believe large numbers of Indian students seek education in Australia and I hope that continues to grow."
> Baz Luhrmann 'honoured to work with Amitabh Bachchan'
> Amitabh Bachchan: 'I want to do more challenging roles'