The event took place at the Jay Pritzker Pavilion in Millennium Park.
Guy will travel to Washington, DC, later this week and accept the honor on Sunday.
The 76-year-old is of one of the seven recipients of the 35th annual Kennedy Center Honors.
"Chicago, thank you very much, I love you and I'll never leave--I'll leave but I'll be back," said Guy.
The Kennedy Center Honors is the nation's highest honor for those who have influenced American culture through the arts.
The Honors gala will air as a two-hour primetime special on December 26th.