Hoy was recently crowned BBC Sports Personality of the year after becoming the first Briton to win 3 gold medals at an Olympics.
"To become a knight from riding your bike, it's mad," said the 32-year-old Hoy.
Hoy becomes the only cyclist ever to be knighted for his services to the sport and I have to say it couldn't have happened to a nicer guy. Click here to see Chris's reaction.
Bradley Wiggins award is also much deserved following his double gold medal haul in Beijing. Add to that the gold, silver and bronze he won in Athens in 2004 as well as the bronze in Sydney in 2000 and the fact is Wiggins is on his way to becoming one of the greatest Olympians of all time. You can bet he'll be firing on all cylinders when the Olympics arrive in London in 2012.
In addition to Chris and Bradley's awards, David Brailsford, performance director for the Olympic cycling team was also appointed a CBE.
Finally, Victoria Pendleton, Rebecca Romero, Jason Kenny, Jamie Staff, Ed Clancy, Paul Manning, Nicole Cooke and Geraint Thomas were all appointed MBE's (Members of the British Empire).
Well done boys and girls Britain is proud of you!