Newhart was honored Friday at a private ceremony at the Chicago Theater. That's where he's performing Saturday night, marking 50 years in entertainment.
Friday was also declared Bob Newhart Day in Chicago.
The comedian is famous for his popular 1970's sitcom "The Bob Newhart Show," which was partially filmed and based in Chicago.
"This is a great honor," Newhart said. Bob Newhart Day…I don't know what to say about that. I never expected this."
Newhart was born and raised in Oak Park and graduated from Loyola University back in 1952 with a degree in business management.