The McVeighs were given the Points of Light award, which commends 'outstanding individual volunteers', by LFC's senior stars and the Lord Mayor of Liverpool at Alder Hey Children's Hospital.
Joanne and Mark launched the Foundation in memory of their son Owen, who passed away at the age of 11 in December 2015 following a short battle with leukaemia.
The Foundation was established to enrich the lives of children with terminal illness, giving opportunities for them to attend football matches and concerts and enjoy other unique experiences.
Earlier this year, T-shirts bearing the image of a Kop flag paying tribute to Owen were sold to raise funds for sick children in Merseyside, with over 13,500 requests received.
Theresa May said: "Through the Owen McVeigh Foundation, you have both brought joy to the lives of children and their families across Merseyside who are going through incredibly difficult circumstances.
"You have responded to a personal tragedy with remarkable resilience, and you should feel very proud of the transformational effect the foundation is having on children diagnosed with a terminal illness."