The 59-year-old comedian and actor was honored at the civil rights organization's multimedia award show on Saturday.
Arsenio Hall, Murphy's longtime friend and "Coming 2 America" co-star, presented him the lifetime achievement award virtually.
"I want to thank the NAACP for making me ... for putting me in you Hall of Fame that's with all these other illustrious recipients that got this award before me," Murphy said during his acceptance speech. "I'm in unbelievable company."
"I've been making movies for 40 years now," he added. "And this is the perfect thing to commemorate that."
Murphy didn't forget to address Hall directly while he defended the red leather suit he wore during his Grammy-winning standup special, "Delirious."
The 70-minute special aired on HBO in 1983. Murphy was 22-year-old at the time of the recording.
"My red suit was not that tight Arsenio," Murphy said with a laugh. "I get a lot of cracks about that red suit."
In his own words, Murphy described his fashion choice as "fly."
The NAACP went on to agree with the comedian's statement in a tweet posted Saturday night.
Murphy's lifetime achievement award comes weeks after the star's "Coming 2 America" sequel made its theatrical and digital release.
Aside from his hit "Coming to America" franchise, Murphy has 72 acting credits, according to IMDb. Other projects he is most known for include "Saturday Night Live," "Harlem Nights," "The Nutty Professor" and "Shrek."