The theatre group, which dates to 1844 and claims to be the world's third-oldest still operating, presented Keaton with his Pudding Pot award during the evening celebration on Friday.
Hasty Pudding Theatricals gives out its Man and Woman of the Year awards to people who have made lasting and impressive contributions to the world of entertainment.
Keaton, an Academy Award-nominated and Emmy-winning actor, is known for roles in such films as "Batman," "Birdman," "Beetlejuice" and "Spotlight." More recently he starred in and directed the short film "Sweetwater" and starred in and was executive producer on the eight-part Hulu miniseries "Dopesick".
The ceremony opened with Keaton donning a Batman costume and chasing after an Oscar statue — a nod to the fact he never won one, though he was nominated in 2015 for "Birdman".
Keaton then jousted with the figure before stabbing it after the statue told him, "I thought your performance in 'Birdman' was subpar."
Keaton then received his Pudding Pot. After spending the day on campus, he praised Harvard students.
"I'm ridiculously encouraged about this country," he said.
"The older generation not so much. Man, these people I've met are extraordinarily impressive. It's been a ball. Based on these people, we are in good shape folks."
Actor Jon Hamm won the award last year. Other recent honorees have included Clint Eastwood, Tom Hanks, Robert De Niro, Harrison Ford, Samuel L Jackson and Ryan Reynolds.
Hasty Pudding's Woman of the Year, which dates to 1951, will be awarded February 13 to Australian actress Rose Byrne.
27°C