Mr Biden stepped away from the race, with Kamala Harris set be the next candidate from the Democratic Party. The outgoing president had been facing weeks of pressure from his own party to step aside, following his shaky performance during the televised debate with Donald Trump last month, as well as a list of high profile gaffes.
"I revere this office", Mr Biden said in an Oval Office address where he invoked previous presidents Thomas Jefferson, George Washington, and Abraham Lincoln. He also spoke about his love for the office that he will leave in 6 months, signing off on a half century in public office.
Mr Biden also added: "But I love my country more".
"I have decided the best way forward is to pass the torch to a new generation", he added. "That is the best way to unite our nation".
Elsewhere, Joe Biden also mentioned the danger he believes will face America if Mr Trump wins, without mentioning his name, but added that the "great thing about America is here, kings and dictators do not rule".
"Nothing can come in the way of saving our democracy", Mr Biden said. "That includes personal ambition".
"The people do. History is in your hands. The power is in your hands. The idea of America - lies in your hands".
This was Joe Biden's first public address since stepping away from the upcoming election, which was watched by several members of his close-knit family and senior advisors who were seated along the curved Oval Office wall.
"Nowhere else on Earth could a kid with a stutter, from modest beginnings in Scranton, Pennsylvania, and Claymont Delaware, one day sit behind the Resolute Desk in the Oval Office as president of the United States", Mr Biden added. "But here I am".
When he finished his address, Mr Biden received a huge round of applause from them, as well as a crowd of staff members who walked into the White House to watch the speech.
The president also hailed his Vice President Kamala Harris, who is said to be the next candidate, calling her "tough" and "capable".
"She's experienced, she's tough, she's capable", he added. "She's been an incredible partner to me and a leader for our country".
"Now, the choice is up to you, the American people".
Mr Biden also promised to spend the final 6 months of his tenure as president, working towards making NATO stronger and more united, stopping Russian President Vladimir Putin from taking over Ukraine, and working towards securing a ceasefire in Gaza, as well as for Supreme Court reform.
