He thanked the United Kingdom for his solidarity after the terrorist attacks of 11 September and in the fight against the security threats that followed.
He has also rendered homage to the military forces of the United Kingdom "standing elbow to elbow with United States for decades".
The banquet is hosted by the Queen and assisted by the royalty, politicians and movie stars.
He came at the end of a first State visit of President filled day.
The banquet has attended all three main leaders political, Prime Minister David Cameron, Deputy Prime Minister Nick Clegg and leader of the labour party Ed Miliband, and former Prime Ministers Gordon Brown, Tony Blair and Sir John Major.
Other famous names are seated around the table in the form of horseshoes included former athlete and politician Lord Coe, actors Tom Hanks and Kevin Spacey, actress Helena Bonham Carter, entrepreneur, Sir Richard Branson, Mayor of London, Boris Johnson.
The guests of 170 or so d?né on the new season lamb, roasted potatoes and a vanilla charlotte, accompanied by vintage champagne.
The two speeches were short, but direct.
President Obama went out of his praise of Britain, calling the place of birth of the rule of law and the rights of men and women. His particular emphasis on the "solidarity" in the relationship: solidarity, he told the United Kingdom showed to America in the decade since the terrorist attacks of September 11.
Of course, he left place other crucial alliances America around the world, but the President highlighted the confidence in the British-American partnership deal with the challenges of the 21st century together.
He went his way to praise his host, calling for the Queen "living witness to the power of our alliance and a main source of its strength."
The Queen was also clear: "we are here to celebrate the relationship has been proven, tested and - Yes - special between our two countries." It is not the spirit by the old formula. Clearly, both sides think he has a positive future.
The Queen opened the procedure by developer Mr. Obama and his wife Michelle that she was "so glad" they visited the UK again.She said: "I firmly believe that the strength of our ties and many shared interests will continue to ensure that, when the United States and the United Kingdom solidarity, our people and other people of good will around the world will be safer and can become more prosperous."
It proposes a toast to "celebrate proven, tested - and, Yes, a special relationship between our two countries".
Then, the President said the guests: "as we approach the 10th anniversary of the terrorist attacks of September 11, I am particularly grateful for the solidarity that the United Kingdom showed to America over the last decade."
"Since that day to this you have been our closest partner in the fight to protect our people from terrorism attacks and violent everywhere extremism in the world despite heavy sacrifices here."
To conclude, the President has proposed a toast to the Queen, but it appears that an error such as the band played the opening bars to God Save the Queen before it was finished.
The Sung arrived in London Monday evening of the Ireland Republic, a day before of the schedule because of the threat of disruption of the volcanic ash cloud.
The Queen opened the banquet by recalling the memories of previous meetings with the SungOn Tuesday, the President and his wife joined the Queen at Buckingham Palace, where they briefly met the Duke and the Duchess of Cambridge before moving to the gardens of the palais for a ceremonial welcome including a 41-gun salute.
Visit of the presidential couple to the Abbey of Westminster included a meeting impromptu with choristers, when Mr. Obama was often derided by his wife for her lack of singing talent.
Mr. Obama briefly met the Prime Minister at Downing Street before talks on Wednesday. Then, they left together for a surprise visit to the Academy of Globe in Southwark, South of London, where they did team for a match against schoolchildren table tennis.
Leaders Wednesday talks are likely to focus on the Middle East and the ongoing conflict in Libya.
Route of the day will also include a barbecue to number 10 with British and American military veterans and a speech on foreign policy of the United States to members before a return to Winfield House banquet, where the Queen will be officially say goodbye.
In an article common to the times on Tuesday, Mr. Obama and Mr. Cameron said their country relationship: "ours is not only a special relationship, it is an essential relationship - for us and for the world."
The President and the Prime Minister has played table tennis in a surprise visit to a South London academy"When the United States and Britain's solidarity, our people and people from around the world can become safer and more prosperous."
"The reason for which it develops is because it advance our common interests and shared values." It is a perfect what we both need and that we both believe. ?
They also promises not to abandon the struggle for democracy demonstrators, in Arab countries wrote that they would "stand with those who want to bring light in dark support, those who seek freedom instead of repression".", helps it those who raised the foundations of democracy".
"We will step respect that their aspirations get crushed in a hail of bombs, bullets and mortar fire."
"We are reluctant to use force, but when our interests and our values are met, we know that we have a responsibility to act."
