A crowd wearing red fez hats chanted "just like that" as balloons were released to reveal the plaque on the house in Barrowgate Road, Chiswick.
FA chairman and member of the blue plaque panel Greg Dyke called the comic an "enormous man who wore a funny fez".
Mr Cooper lived in the house with his wife and two children from 1955 until his death in 1984.
The comedian died after collapsing during a live broadcast from Her Majesty's Theatre on Haymarket in the City of Westminster.
Unveiling the plaque, Mr Dyke called him "a comic genius and none of us quite understand how and why but he was."
Tommy Cooper's friend and colleague Ken Dodd had supported the proposal for a plaque, but was unable to attend the ceremony.
Other comedians previously given blue plaques include Kenneth Williams and Tony Hancock.
Entertainer Tommy Cooper has been honoured with a blue plaque on his former west London home.