Willis was accompanied by his new wife, model Emma Heming, at Saturday's event.
The "Moonlighting," "Die Hard" and "Pulp Fiction" actor is the first person to receive the festival's lifetime achievement honor.
Grammy Award-winning, singer-songwriter Aimee Mann moderated a tribute to Willis, which included a video montage that showcased the many transitions Willis has made throughout his career from television to Broadway, independent films, studio blockbusters and music.
Justin Bieber crashes Drake Bell's album release party
Putin thinks Obama would save him if he were drowning