The actor, 80, is the second Italian male actor after silent screen idol Rudolph Valentino to gain a star on the iconic Hollywood Boulevard site, although there have been 16 Italian stars in all.
"He got it for silent movies, I for sound films," La Spezia born Giannini said on Tuesday during his honouring ceremony.
Best known for Lina Wertmuller's 1974 cult classic Swept Away and for the first two films in the Daniel Craig James Bond reboot, Casino Royale and Quantum of Solace, Giannini was thrilled to join Valentino.
"It seems a splendid couple to me!" he laughed.
"This is a wonderful moment, I'm very happy to be here.
Giannini, whose career has included a best actor Oscar nomination, dedicated the honor to Wertmuller, who died in December 2021 aged 93.
"He's a wonderful director, who really created me," he said.
"I am sure he is up there waiting for me, maybe to do other movies even better than we did here."
Also present at the ceremony were Bond producers Barbara Broccoli and Michael Gregg Wilson.
Wilson relayed a message to Giannini from his James Bond co-star, Craig.
"Giancarlo, what an honour it was for me to get a chance to work with you, you charming, beautiful, sexy human being. "Congratulations for your richly deserved star on the Hollywood walk of Fame, sending lots of love, Daniel," Wilson read.
Giannini's many film credits include Man on Fire, Hannibal, The Innocent, New York Stories and A Walk in the Clouds.
The ceremony came three days after he received the Filming Italy Lifetime Achievement Award, which included a day celebrating his career with a marathon of his most famous films.
