Mayweather is regarded by many as the greatest of his generation.
The American retired from professional boxing in 2017 and left the sport with an undefeated record of 50-0 and won world titles in five divisions.
On Saturday night, Mayweather who was inducted into the Hall of Fame alongside the likes of Wladimir Klitschko and Roy Jones Jr, could not hide his emotion as he took to the stage.
"I've done a lot in my career, but this is by far the best," said Mayweather.
"I want to thank the International Boxing Hall of Fame for giving me this. This [ring] right here is going to my dad because he deserves it.
"Bernard Hopkins said it best, 'You've got to earn it,' and my dad earned this ring.
"I want to say thank you to everybody for your support. I want to tell all the fighters - thank you, you guys are remarkable. There wouldn't be no me without you guys."