Kenny Dalglish and Jermain Defoe spoke of their pride after both received honours during a ceremony at Buckingham Palace.
Former Liverpool star Dalglish, known as ‘King Kenny’ on Merseyside, received a knighthood from Prince Charles for “services to football, charity, and the city of Liverpool”.
Sir Kenny won three European Cups as a player with Liverpool and went on to manage both the Reds and Blackburn Rovers.
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He has also been recognised for his charity work and support for the families of the victims involved in the Hillsborough disaster.
Speaking of the families following the ceremony, Sir Kenny told reporters: "They were fantastically supportive of the football club and at that instance it was important for us to turn supporter.
"They needed a bit of help, we wanted to help them, and I'm sure they would have done the same for us - I think that's what life is all about."
Sir Kenny, who is also Scotland’s most capped footballer, went on to add that he was “humbled” to receive a knighthood for his achievements.
"You feel humble. When you start off in your life, what do you want? You just want to play football,” he continued.
"And when you play football, what do you want to do? You want to try and be successful, be a professional footballer, try and win something."
Meanwhile, Bournemouth striker Defoe received an OBE for services to his foundation.
He immediately dedicated it to Bradley Lowery, a young Sunderland supporter who passed away with neuroblastoma, a rare form of childhood cancer last year.
Defoe, who was playing for Sunderland at the time, forged a special relationship with Bradley and still remains very close with his family.
He tweeted: "I would like to dedicate this amazing day and this OBE to my best friend, Bradley, my family and everyone else behind the scenes."
The Jermain Defoe Foundation was set up eight years ago following a hurricane in St Lucia, an island where members of the 35-year-old’s family originate.
It now also supports homeless, vulnerable and abused children in a number of other Caribbean Islands and the UK.