Kerala Governor Justice P Sathasivam, who is also the University Chancellor, conferred the honorary Doctorate of Literature (DLitt) on the two personalities at a function in the university campus near here.
Education Minister C Raveendranath, Vice-Chancellor K Muhammed Basheer and syndicate members participated in the function, a release from the University said.
The Governor congratulated Mohanlal and Usha "on their glorious rise to this university hall of fame"
He also congratulate the Vice Chancellor, syndicate members and the university senate for their decision to confer honorary degrees.
"Both Mohanlal and P T Usha are extraordinary figures who have become household names in Kerala by virtue of their professional excellence. The events and achievements in their lives have become and continue to be important characters in the progress on their field of activities," he said.
The two Kerala legends were to be honoured in September, 2017 along with UAE Supreme Council member and Sharjah ruler, Sheikh Sultan Bin Muhammed Al Qasimi, when the latter was on a visit to the state.
Due to security concerns, the function was shifted to Thiruvananthapuram where the visiting ruler of Sharjah was conferred with the honour.
Mohanlal has been conferred with the honour for his decades long contributions to the Malayalam film industry and also the film industry of other states.
The 53-year-old P T Usha, known as ‘Payyoli Express’, has been honoured for her achievements in sports, both in national as well as international events.
She became the youngest Indian sprinter to participate in the Olympics when she competed in the 1980 Moscow Olympics at the age of 16.
Usha also represented the nation at the 1984 Los Angeles Olympics and in the international event at Seoul in 1988.
The 'Sprint Queen', who bagged several national and international medals, runs the P T Usha School of Athletics at Kinalur, about 30 km from here.