Lord Neuberger, who was educated at Westminster School and Oxford University and worked for merchant bank NM Rothschild & Sons before becoming a lawyer, was sworn in during a ceremony at the Supreme Court in central London.
He was named as the new President of the Supreme Court by Downing Street in July.
For the past three years, Lord Neuberger has been Master of the Rolls - the head of civil justice and the second most senior judge in England and Wales.
Lord Neuberger was welcomed to the Supreme Court by Deputy President Lord Hope and shook hands with members of a watching panel of Supreme Court Justices before taking office.
Lord Hope said Lord Neuberger had enjoyed a "distinguished career" and would make a "significant contribution" to jurisprudence at the Supreme Court.Lord Neuberger, who will earn a £214,165 salary, is replacing Lord Phillips, who has retired, as President.