Obama while endorsing said: "The kind of leadership that's guided by knowledge and experience, honesty and humility, empathy and grace -- which kind of leadership doesn't just belong to our state capitols and mayors' offices. It belongs in the White House. And that's why I'm so proud to endorse Joe Biden for President of the United States."
Biden has now become the presumptive nominee for the Democrats after fellow contestant Bernie Sanders withdrew and endorsed him. Biden will go up against the presumptive Republican nominee and incumbent President Donald Trump.
Obama further said: "If there's one thing we've learned as a country from moments of great crisis, it's that the spirit of looking out for one another can't be restricted to our homes, or our workplaces, or our neighbourhoods, or our houses of worship."
While announcing his endorsement, Obama also said that the Republicans running the White House and the US Senate are only interested in power.
"One thing everybody has learned by now is that the Republicans occupying the White House and running the US Senate are not interested in progress," Obama said. "They're interested in power," he added.
Before releasing the message, Obama tweeted: "For all of us who love this country and are willing to do our part to make sure it lives up to its highest ideals - now's the time to fight for what we believe in. Join us at http://JoeBiden.com. And I'll see you on the campaign trail as soon as I can."
After the endorsement, Joe Biden thanked the former President and tweeted: "Barack -- This endorsement means the world to Jill and me. We're going to build on the progress we made together, and there's no one I'd rather have standing by my side."
( With inputs from ANI )