The stars were announced as part of the class of 2016 earlier this month and they were presented with their special accolades during a ceremony at the White House in Washington, DC on Thursday, reported NBC News.
"We believe that arts and the humanities are in many ways reflective of our national soul," Obama said, as he welcomed the honourees.
"They're central to who we are as Americans - dreamers, storytellers, innovators and visionaries."
"(Freeman is) undoubtedly off playing a black president," the Commander-in-Chief quipped of the veteran actor, who portrayed fictional leaders in "Deep Impact" in 1998 and "Olympus Has Fallen" in 2013.
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"He never lets me have my moment."
The National Medal of Arts are the US government's highest arts award and they are presented to those who are "deserving of special recognition by reason of their outstanding contributions to the excellence, growth, support and availability of the arts in the United States".
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