The Green Zone star was bestowed with the achievement on Saturday by friends Jimmy Kimmel, Sarah Silverman, Jennifer Garner and Ben Affleck, while the audience was comprised of Don Cheadle, former President Bill Clinton and Invictus director Clint Eastwood.
Kimmel told People: "He doesn't deserve this award. I don't know who they weren't able to get, but I'd go with Tom Selleck before I'd go with Matt Damon."
Silverman told the audience: "The worst thing I could say is, you know, Matt Damon is like, maybe he's a perfectionist. And his breath is like, Jesus! And his hair plugs are really obvious. Besides that, there's like nothing. So sorry, roast not possible!"
While roasting Damon, Garner said: "Ben is half of one of the greatest love stories ever told. Not with me. The actual prototype for the great Hollywood bromance... Here's proof that love is alive and well in Hollywood. At least for my darling husband and my husband's darling husband."
Affleck added: "Matt always said to me, 'Ben, there are two things that are more important to me than anything else in this world'. Folks: fame, money. You did it, Matty! You got there!"
Damon, who took all of the jabs in his stride, said: "I can honestly say that there's a good chance that next year Ben will be here, presenting this award to someone else. There's a lot of buzz about Vanessa Hudgens."