Chief Minister Prithviraj Chavan and Deputy Chief Minister Ajit Pawar presented the award at a function at the Gateway of India here on Friday evening.
The award, instituted in 1997 to recognise distinguished work and achievements of eminent persons from the state, representing different walks of life, carries a cash prize of Rs 5 lakh and a citation.
Replying to the felicitation, Kakodkar said India needs nuclear energy to remain ahead in the global scenario.
The state government has been seeking guidance from Dr Kakodkar, former Chairman of the Atomic Energy Commission, on the issue of Jaitapur nuclear power project in coastal Konkan.
Kakodkar has also conducted interactive sessions with the state legislators to inform them about the benefits of the nuclear project.
Kakodkar was the chairman of the Atomic Energy Commission of India and secretary, government of India and director of Bhabha Atomic Research Centre from 1996-2000.
Kakodakar received the Padma Vibhushan in 2009.
Recipients of the Maharashtra Bhushan award include singers Lata Mangeshkar and late Pandit Bhimsen Joshi, cricketers Sunil Gavaskar and Sachin Tendulkar, industrialist Ratan Tata and scientist Jayant Narlikar.