Cotillard smiled, waved and caught a teddy bear from the crowd during a parade through Cambridge's Harvard Square on Thursday.
The procession was followed by a roast of the 37-year-old French actress at Hasty Pudding headquarters, during which Cotillard sang a song from "La Vie En Rose." Cotillard won a best actress Oscar for her portrayal of famed French singer Edith Piaf in that 2007 film.
Cotillard has appeared more recently in "Inception" and "The Dark Knight Rises."
Claire Danes was the woman of the year in 2012.
The awards are presented annually to performers who have made a lasting and impressive contribution to entertainment.