Buffett called the former Princeton University economics professor a "gutsy guy" for his ongoing efforts to stimulate the economy.
Buffett praised Bernanke even though he said he might have backed away from the stimulus measures earlier, the Los Angeles Times reported Monday.
Despite that statement, Buffett also said he was not sure how he would have reduced the central bank's stimulus programs earlier, given the risks of derailing the economic recovery.
The Fed has kept its overnight lending rate low since 2008 and has embarked on an asset purchasing program that has greatly expanded the size of its portfolio.
The asset purchasing program, currently at $85 billion per month, keeps long-term interest rates low and adds liquidity to financial markets.
Buffett in an interview said the recovery was "moving forward, but at a slow pace." He also said stock prices were not "ridiculously" high.
The Dow Jones industrial average topped 15,000 points for the first time ever on Friday. But Buffett, who is 82, said he remembers when it crossed the 100-point threshold.