Lively and daughter James, who will turn two years old on Friday, adorably cheered Reynolds on while he gave a speech accepting the honor, before the tot -- and her adorable golden curls -- stole the show.
The beautiful family then joined Reynolds for a cute photo op with the Deadpool actor's star, which is located in front of the Hollywood & Highland complex on Hollywood Boulevard.
Reynolds hoisted James (sporting polka-dotted tights, a yellow dress and a cute letterman jacket), while Lively held their newborn daughter, whose name has still not been revealed.
See the children's sweet debut -- and James' moment in the spotlight after stealing the microphone -- around the 36-minute mark in the video below:
Reynolds and Lively have been notoriously private in regard to their children, though the 40-year-old actor recently opened up to ET about life since welcoming baby No. 2.
"Well, they look alike. You can see that she's sort of a little mini version of our older girl. But, no, it’s great. It's like an actually cohesive, working, functioning family," he said. "It's amazing to see my older daughter taking care of my younger one. The Lion King was right! The circle of life exists."