Along with Grammy-winning Hamilton orchestrator Alex Lacamoire, the trio accepted their accolades on Saturday from the prestigious Berklee College of Music in Massachusetts.
Timberlake shared the special day on his Instagram Stories, posting a clip of him jokingly telling the camera, "I'm 'bout to be a doctor now. Y'all messed up!"
He then shared snaps of him, Elliott and Lacamoire celebrating with selfies backstage.
"I don't do surgeries but I could probably work out some prescriptions," Timberlake began his speech, to laughter and applause from the graduates.
The SexyBack hitmaker then told the crowd he hopes to "look around and see this graduating class" in the music industry, adding, "Meet me at the studio. I want to see y'all!"
Timberlake, 38, then shared a photo of himself on Instagram, with his beaming face shielded by the diploma.
"No Dream is too big!!! Keep chasing!!! Trust me... I'm a DOCTOR!! But, for real... THANK YOU to @berkleecollege for this incredible honor - I'm very humbled and grateful," he wrote.
His proud wife Jessica Biel was quick to comment on the post, and wrote, "literally every hat looks good on you, but this is my favorite one," while Dwayne 'The Rock' Johnson cheekily told his famous friend, "Congrats my friend. So technically, you can now examine a new 'rash' I've developed."
Elliott, who has become the first hip-hop artist to receive an honorary doctorate from the music school, later posted a video on Instagram of her dancing proudly while holding her diploma. "CREATE YOUR OWN LANE!!!! Sincerely Dr. MISSY ELLIOTT," she wrote.
During her speech to the Berklee graduates, the 47-year-old said: "There will be ups and downs - prepare for that. As long as you are breathing, it is never too late. Don't forget that. You have come too far to quit."
Timberlake and Elliott join past Berklee honourees Aretha Franklin, Quincy Jones, BB King, Smokey Robinson, and Rita Moreno.