Describing DiCaprio as a "very good friend and wonderful actor," Scorsese said as he gave the actor the honorary prize, "I never fail to be amazed by his clear and complete commitment to his work," the BBC reported.
DiCaprio and Scorsese have worked together on "Gangs of New York," "The Aviator" and "The Departed." They are set to work together again on the big-screen adaptation of Dennis Lehane's novel, "Shutter Island."
Moroccan director Mostafa Darkaoui also took home a Golden Star for his contribution to filmmaking in his homeland, the BBC said.
More than 100 movies will be screened at this year's event, which began with a showing of "Elizabeth: The Golden Age."
The Indian director of "Elizabeth," Shekhar Kapur, sits on a festival jury headed by Czech-born filmmaker Milos Forman.
The seventh edition of the film festival is to run through Saturday.
Notable deaths of 2014 [PHOTOS]
Polly Bergen, Emmy Award-winning actress, dies