One hundred VIP guests paid $40,000 each to attend the exclusive event, held at the rapper's 40/40 Club in Manhattan.
Beyoncé, in a red cocktail dress, took to the stage to introduce the president, who wants four more years in the White House. She told guests, "I can't tell you how proud we are to host tonight's event with President Obama. We believe in his vision."
Obama joked to the audience that his wife, first lady Michelle Obama, and their daughters Malia, 14, and Sasha, 11, were "mad at me because they aren't here," before telling his hosts, "To Jay and B, thank you so much for your friendship.
Beyoncé could not be a better role model for our daughters because she carries herself with such class and poise and has so much talent."
He then pointed out the similarities he shares with Jay-Z, quipping, "We both have daughters, and our wives are more popular than we are. So, you know, we've got a little bond there. It's hard, but it's OK."
Obama will face Republican presidential candidate Mitt Romney in the upcoming November elections.
Beyoncé and Jay-Z, who became parents to their daughter, Blue Ivy, in January, were key supporters of Obama during his 2008 campaign.
Beyoncé performed an emotional rendition of Etta James' "At Last" at the President's inaugural ball in 2009.
I'm proud that the carters used their clout to get folks to donate such a large sum of money to help re-elect the president. It is inspiring, they did not turn their backs and complain, they got off of their **** and helped