Stars like Nicole Kidman, Kevin Spacey, Michael Douglas, Bradley Cooper, Jeremy Renner, Claire Danes, Gerard Butler, Katy Perry, Psy and Barbra Streisand joined journalists and politicians at the annual party, and laughed as Obama served up a hilarious routine, during which he offered up photos of what he would look like with his wife Michelle's much-hyped new hairstyle.
But the highlight of his comic turn came when he introduced a mockumentary about Spielberg's Lincoln follow-up, Obama, in which the President portrayed Daniel Day-Lewis, in character as the world leader.
Appearing in the film, the director said, "I needed someone who could dive in and really become Barack Obama and as it turns the answer was right in front of me all along - Daniel Day-Lewis.
Obama then pretended to be Oscar winner Day-Lewis, playing the President. He said, "His accent took a while... The cosmetics were challenging. You wouldn't believe how long it takes to put these ears on."