The 23-year-old was awarded the honour in the New Year's Honours list after taking his Olympic medal haul at London 2012 to three.
Smith became the first British male to win an individual gymnastics medal in a century after claiming bronze on the pommel horse at Beijing 2008.
The history making continued on his second Olympic appearance at London 2012 as he was part of the first British all-around team to medal in 100 years.
They took bronze before individually Smith upgraded to silver on the pommel horse, only missing out on gold to Hungary's Krisztian Berki because he had a higher execution score.
Smith was recognised for his services to gymnastics by being given a MBE and, after going to Buckingham Palace to receive it, he admitted the memory will stay with him forever.
"As an athlete I just want to be the best athlete I can be, having my mum give me so much support and my coach and various sponsors you just want to make everyone proud and make yourself proud," said Smith.
"And to get three Olympic medals out of it and be awarded with a MBE is just it will live with me forever, no-one can take this away from me."
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