"So I must tell you Michelle, I wrote this song, but I kind of changed the words a little bit," the legendary singer explained to Obama about "My Michelle Amour" after performing "Isn't She Lovely."
"If I don't get it right, fire me," he joked.
Reworked lyrics in the new song included Wonder singing "My Michelle Amour" and "You'll always be First Lady in our lives."
Obama was seen smiling with her hands over her mouth following the performance and gave Wonder a hug for his effort.
Obama, who was giving her final talk show appearance as first lady, had earlier described to host Fallon how she felt about leaving the White House. "It's nuts, I feel like crying right now. I didn't think it would be this emotional," she said. It has been surprisingly emotional for all of us."
"I came to play," Seinfeld said jokingly to his opponents. "To you, this is just a little talk show game...not to me."
The game featured Obama performing the robot and Fallon singing Beyonce's "Single Ladies (Put a Ring on It)" while Chappelle gave an impression of a valley girl.