About 30 children, all of whom lost parents in the catastrophe, greeted the two former leaders as they arrived by helicopter at the village just north of the resort of Phuket, INQ7.net reported.
Accompanied by Thailand's foreign minister, Clinton and Bush appeared near tears as they mingled with the children and talked with fisherman about their plight.
The former U.S. presidents are scheduled to visit Indonesia, Sri Lanka and the Maldives.
Sweden's King Carl XVI and Queen Silvia visited Thailand's tsunami-battered coastline Friday, paying respects to victims and thanking survivors for helping Scandinavians who were vacationing in the area when the tsunami hit.
Officials say about 168,000 people are confirmed dead and 110,000 remain missing and are presumed dead.