Cryer was presented with the honour ahead of Two and a Half Men's ninth season premiere on Monday.
Fellow Two and a Half Men stars Angus T Jones and Ashton Kutcher were present for the ceremony, as were comedian Carl Reiner, Wipeout host John Henson and Cryer's wife Lisa Joyner.
Cryer praised former Two and a Half Men co-star Charlie Sheen during his acceptance speech, saying: "I do have to say a real word of thanks to my co-star of eight years, Charlie Sheen, who gave me so much as a performer and who I enjoyed working with so much."
He also thanked Two and a Half Men creators Chuck Lorre and Lee Aronsohn for showing kindness during Sheen's bitter exit from the series in March.
Cryer said: "When it came time to make the ultimate decision, which was some place nobody wanted to go, [they] did something that, in my belief, saved my friend Charlie Sheen's life."
Cryer's Walk of Fame star is located at 6922 Hollywood Blvd.
This week, Cryer revealed that he's enjoying starring opposite Ashton Kutcher in the revamped Two and a Half Men.
Two and a Half Men continues with new episode 'People Who Love Peepholes' on Monday at 9/8c on CBS.
> Two and a Half Men's Jon Cryer: 'I thought Charlie Sheen was going to die'
> Charlie Sheen: 'I always expected to be back on Two and a Half Men'
Watch Jon Cryer singing at his Walk of Fame ceremony below: