The 2008 GOP presidential nominee laughed when asked if he would run for president again, saying he does "not envision a scenario that would entail that."
You can watch video from the press conference below.
McCain lauded President-elect Barack Obama's decision to tap Arizona Gov. Janet Napolitano for homeland security chief, saying she is highly qualified for the job.
The Arizona senator also discussed the presidential campaign, saying he looks back "with pride and honor" at the experience of running.
"I will submit myself to the judgment of history," McCain added. "I'm very proud overall of the campaign we ran and the people I was associated with and the dear friends that I have to this day."
He also discussed running mate Sarah Palin.
"I think that our base and most Americans viewed Governor Palin as a real breath of fresh air that swept across the country," McCain said, calling the Alaska governor an "energizing factor."
Asked where the Republican Party goes from here, McCain said that one of the lessons of the election "is that people want us to be fiscal conservatives."
"I think that Americans decided to state the obvious, that they wanted a new stewardship of our country, particularly as far as the economy is concerned," he added.
He also said Obama "has nominated some people to his economic team that we can work with," adding, "I approve of many of them."
He closed with a joke.
"Unfortunately, now it's Goldwater, Udall, Babbitt, McCain, all who have made it, again, impossible for mothers in Arizona to tell their children that some day they can grow up and be president of the United States," he said with a smile.
A full transcript of the press conference can be found here, and you can watch a snippet of it below.