Prince William Knights Rod Stewart at Buckingham Palace -- See the Awesome Pics!

Rod Stewart is officially Sir Roderick David Stewart!

The 71-year-old singer was knighted by Prince William on Tuesday at Buckingham Palace in recognition of his services to music and charity, and couldn't look happier to receive the honor. Dressed in tartan trousers and a black coat, Stewart knelt as Prince William held a sword over his left shoulder.

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Stewart was accompanied by his wife, 45-year-old model Penny Lancaster, and their two children, 11-year-old Alastair and 5-year-old Aiden. A statuesque Lancaster wore a floral black dress and heels for the occasion, while his two youngest sons looked sharp in matching gray suits.

The "Maggie May" singer is also a father to daughters Sarah, Kimberly, Ruby, and Renee, as well as sons Sean and Liam, from previous relationships. Stewart made a joke about having eight children when he met Prince William, he told the BBC.

"We talked about music and he said, 'It's great that you're still going,' and I said, 'I have to -- I've got eight children!'" Stewart cracked.

"He congratulated me on my long career -- and I said how happy this made me," he added on a more serious note. "I just wish my mum and dad had been here to see it."

Stewart called getting knighted "a truly monumental honor" on Twitter in June.

ET spoke to Stewart last October, when he joked that his kids are actually his toughest critics when it comes to his music.

"The kids would run in and tell me what they think, which was usually, 'A bunch of rubbish, Dad,'" Stewart told ET. "No, that's not true, but it's just a wonderful environment."

WATCH: Rod Stewart on His Love Child

He also talked about the sweet song he wrote for his youngest child, Aiden.

"I've even written a song about putting my 4-year-old son to bed called 'Batman, Superman, Spider-Man,'" he said. "Songs I probably wouldn't have written about 30 years ago when I was a real rock 'n' roll star."

Watch our interview below:

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