Vaughn first showed audiences he was "money" in his breakout role in the 1996 film "Swingers."
He went on to star in more than 80 film and television projects, including "Old School," "Wedding Crashers," "Dodgeball: A True Underdog Story" and "The Break-Up."
During Monday's dedication ceremony in Hollywood, Vaughn paid tribute to this whole family, from his parents and sisters, to his wife and two children.
"I was raised and born in the Midwest, but I feel like I grew up here in California. This is where I came of age," Vaughn said. "At its best, I think Los Angeles, for me... was an inspiration that things were possible."
"Hollywood at its best has always been a city of dreams and stories and imagination, and I hope that that may long continue."
Vaughn was joined by longtime friend and producing partner Peter Billingsley, producer Bill Lawrence and his past co-star and friend Mel Gibson, who made sure to take a selfie with Vaughn to document the memorable day.