Along with Robert Kahn, Cerf is credited as one of the founders of the internet thanks to his work in designing the TCP and IP protocols that drive the internet.
The 'Freedom of the Information Technologists' Company' award is bestowed on those who have either provided exceptional service to a particular livery company or have made a major contribution in the field in which the livery company operates.
Cerf takes his place alongside other ITC Honorary Freemen including Sir Tim Berners-Lee and Microsoft chairman Bill Gates.
"Membership of the ITC is a special honour for me and facilitates interaction with colleagues who share many common interests," said Cerf.
During his visit Cerf delivered a lecture at City University London about the history of the internet and what has driven its growth, as well as some of the trends in domestic and business use.
In a separate ceremony on Monday at the Guildhall in the City of London, Cerf was presented with the Freedom of the City of London, one of the oldest surviving traditional ceremonies in existence today.
"As a new recipient of the Freedom of the City of London I feel doubly honoured that I have been invited to partake in this historic tradition," he said.
Cerf has previously been awarded the highest civilian honour in the US, the Presidential Medal of Freedom, and served as chairman of the board of Icann between 2000 and 2007.
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