The 77-year-old Beatles drummer, real name Richard Starkey, was bestowed with the honour for his services to music.
McCartney took to Instagram where he gave a shout-out to his band member and shared a picture with Starr, saying he was ecstatic about his feat.
"Huge congrats Sir Ringo! Sir Richard Starkey has a nice ring to it. Best drummer best pal! Paul," the veteran singer wrote.
In a statement to BBC, the drummer had said, "It's great! It's an honour and a pleasure to be considered and acknowledged for my music and my charity work, both of which I love. Peace and love."
Along with Starr, Bee Gee's Barry Gibb was knighted as a Commander of the Order of the British Empire (CBE) for his "services to music and charity".
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