He was knighted by Anne, Princess Royal, at Windsor Castle, after being named in former Prime Minister Rishi Sunak's resignation honours list.
Anderson retired from Test cricket last July, having taken 704 wickets, which is the most by any seamer in Test history.
His career also includes 269 One-Day International wickets for England and 188 Test appearances, second only to India's Sachin Tendulkar.
Anderson was the only sportsperson included in Sunak's honours list and joins former teammates Alastair Cook and Andrew Strauss in receiving a knighthood.