His team said the star-studded evening at Radio City Music Hall raised over $26m (£21m) for the campaign – a record for a single political event.
The president has a cash advantage over Republican Donald Trump so he can spend more on advertising in key states.
Polls suggest the race for the White House rests on a knife edge.
Mr Trump attacked the event’s guest list as “deranged Hollywood liberals”.
His campaign said on Thursday that the cash disparity demonstrated the difference between Democratic reliance on billionaires in contrast to the working-class supporters donating to the former president.
The high stakes of November’s election were underlined by the speeches at the Biden event in New York.
Senate Majority Leader and New York Senator Chuck Schumer told the raucous crowd of 5,000 Democrats they must do whatever they could to ensure that the “dishonest, chaotic, ineffective regime of Donald Trump” did not return.
Comedian Mindy Kaling hosted the event and spoke just moments after singer Lizzo finished a rendition of her hit About Damn Time. Other stars such as Queen Latifah and Cynthia Erivo also took the stage.
But the longest standing ovation was saved for the moment when the three presidents – Mr Biden, Mr Obama and Mr Clinton – came out.
Chants of “four more years” echoed throughout the auditorium for Mr Biden.
“Three presidents… and none of them are here [in New York] to go to court,” joked comedian Stephen Colbert, alluding to Mr Trump’s legal troubles.
The late-night comedy host then moderated a conversation between the three presidents.
Mr Biden began with an oft-repeated slogan, saying democracy was at stake in this election. He said Mr Trump had a “perverse view of the world”, noting his opponent’s vocal support of those who participated in the 6 January Capitol Riot and his buoying of authoritarian leaders abroad.
“But I’m really hopeful,” the president added. “If we get by this election, we can set the course for the next four, five, six decades.”
Mr Obama, for his part, touted Biden’s legislative victories. He said the president had done everything from reducing the cost of medicine to creating jobs – particularly for African Americans.
He added that Mr Trump, the presumptive Republican nominee, and his supporters seemed “increasingly unconcerned with the essence of America”, which he said was centred on the idea of “bridging our differences and moving forward”.
Mr Clinton, meanwhile, accused Mr Trump of “stealing a few good years” from the back of Mr Obama’s administration and somehow claiming “overnight” successes.
The four men ended their time on stage by putting on aviator sunglasses in an impression of Mr Biden, which earned a standing ovation.
