About 300 fans greeted Cooper at the ceremony in front of the Hollywood Roosevelt Hotel on Hollywood Boulevard.
Cooper, 55, signed autographs and posed for pictures with a fan's pet python around his neck.
The rocker recounted his early days in Hollywood when he and his band members didn't have enough money to shell out $1.29 for steak and eggs.
"We would walk over the names of Vincent Price, Boris Karloff and Bela Lugosi, never, ever thinking that our names would ever be on the Walk of Fame," Cooper said. "That is really quite a privilege to be here."
The showman is known for shocking audiences with gruesome concert performances featuring such acts as guillotines lopping off heads, simulating hangings and infant dolls gushing blood.
Classic Cooper albums include 1972's "Killer," "Welcome to my Nightmare," and the recently released, "The Eyes of Alice Cooper."
Cooper's star is the 2,243rd on the Walk of Fame and sits between those of Gene Autry and Hugh Hefner.
"I promise every time I walk down this street I will polish that little star," Cooper said.