The 46-year-old tough guy showed a softer side as a devoted family man at the ceremony with his girlfriend, Mexican model Paloma Jiminez, daughter and three year-old son by his side.
Diesel's parents, Delora and Irving, were also in town for their son's big day, reported Variety.
Dressed in a black pinstriped suit and black open necked shirt, the "Fast and Furious" put his hand on his heart as he knelt down beside his star on Hollywood Boulevard.
Diesel's was the 2,504th star to be handed out.
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"There was something too ambiguous about the way I look that would prevent me from ever getting a Star. As my daughter says; "Dreams do come true"," he added.
The actor was awarded the accolade by Michelle Rodriguez, his co-star in the hugely successful franchise "Fast and the Furious".
Paying tribute to Diesel, the 35 year-old said, "I love Vin Diesel. On top of just being one of my best friends... this man dares to dream when people forget to dream. This guy, he looks at the impossible and says, "When do we start?."
The film is part of a series that began in 2000 with "Pitch Black" and continued in 2004 with "The Chronicles of Riddick".
"Vin is one of the most wildly misunderstood actor-producers out there," said Universal co-chairman Donna Langley, whose connection with Diesel goes back to 2001's "The Fast and the Furious".