The Wold of Wall Street star, 30, came under fire early Tuesday after TMZ unveiled a video in which he can be heard telling a photographer who was taunting him to "suck my dick you faggot."
"I didn't mean this in the sense of the word, I didn't mean it in a homophobic way," the actor said as his voice cracked.
"I think that doesn't matter, how you mean things doesn't matter -- words have weight and meaning. The word I chose was grotesque and no one deserves to say or hear words like that."
Hill went on to say that he was heartbroken over the incident and "deeply sorry to anyone who has ever been affected by that term in their life."
The actor added he was not expecting forgiveness, and that he expects his mistake can be taken as an example of what not to do.
"Don't respond with hatred or anger. Because you're just adding more ugliness to the world," the Oscar-nominated actor said.
You can check out Hill's full apology in the clip below.