The 72-year-old "Raging Bull" star received 'The Heart of Sarajevo', at the festival's opening night, according to The Hollywood Reporter.
"I will treasure this award. I don't think there is another city in the world that has shown such heart in the face of so much tragedy," De Niro said.
A restored version of Martin Scorsese's "Taxi Driver" was also screened at the festival.
The veteran actor said Sarajevo was created during war times to prevent the negative atmosphere by commemorating artistic values of the people.
The nine-day festival will feature world premieres of Ivan Marinovic's comedy drama "The Black Pin" and Lukas Valenta Rinner's "A Decent Woman".