Reynolds, 40, also took to Instagram on Thursday, expressing his gratitude to the Hollywood Chamber of Commerce and his Deadpool studio 20th Century Fox.
“This is one of those ‘pinch me’ moments. But not in the creepy way my Aunt used to do it,” he joked.
During the ceremony, Reynolds thanked Lively, calling her “everything to me.”
He joked, “You are the best thing, the best thing that has ever happened to me — second only to this star. …You make everything better, absolutely everything in my life better. You’ve made me the father of my dreams when I thought I only had fun uncle potential.”
Meanwhile, pal Hugh Jackman couldn’t help but tease Reynolds for his big honour.
The 48-year-old Wolverine star took some friendly jabs at his former costar on Instagram, giving a mock Walk of Fame-acceptance speech while holding up a Reynolds mask to his face.
“You may remember me from such things as PEOPLE magazine’s 2010 Sexiest Man Alive, or the 12th best DC Comics movie Green Lantern,” Jackman said. “Who would have thought just three years after getting a star on Canada’s Walk of Fame, I would be getting a star on Hollywood’s Walk of Fame?”
“How could a guy who failed his high school drama class be this talented?” he continued. “I have no answer for that. But to quote my favourite actor in the world, the great Australian Hugh Jackman — who, by the way, was PEOPLE’s Sexiest Man Alive way before me — Americans are the most generous country on the planet.”
Jackman concluded: “So, thank you, America. And feel free to urinate on my section of the sidewalk.”
This article originally appeared on PEOPLE.COM.