The students go to Hyde Park Academy where the BAM program, Becoming a Man, is popular.
The president says the luncheon is a great way to celebrate Father's Day.
"And just to remind ourselves, those of us who are fathers, how lucky we are," Obama said. "It's the best job I've got and I know all the fathers here feel the same way."
President Obama visited Hyde Park Academy back in February to discuss the challenges of growing up in a rough neighborhood.