The 60-year-old rocker was named a Commander of the Order of the British Empire, or CBE, for his services to music, the entertainment industry and charity.
But Daltrey, whose band rose to global fame in the 1960s with songs expressing teenage working-class rage, said he didn't think the queen was a rock-n-roll fan.
"She'd probably fall off her podium if she heard The Who's songs," the singer said after receiving his CBE medal from the palace. "A good blast of 'My Generation' would go down quite well now."
He said his award, announced Dec. 31, was "something to remember," adding: "I still have criticisms of the establishment but the queen is an exceptional woman. I think she's amazing."
Daltrey also is a patron of the Teenage Cancer Trust and has raised more than $3.7 million for the charity by organizing concerts at the Royal Albert Hall venue in central London.
"I didn't expect to get this. None of us work alone so I accept this for those that don't get anything," Daltrey said.
The Who was formed in 1964 and was one of the decade's biggest rock bands despite never having a No. 1 single on the British charts. The band split up in 1983 but has embarked on several reunion tours since. Daltrey also had a solo career and appeared in movies.
Daltrey and guitarist Pete Townshend are the only surviving members of The Who. Drummer Keith Moon died in 1978 and bass player John Entwistle died in 2002.
The royal honors are bestowed by the queen, but she chooses only a few. Most recipients are selected by committees of civil servants from nominations made by the government and the public.