US President Obama commemorated former premier Yitzhak Rabin during a recorded video address presented during Saturday night's memorial rally on the 20th anniversary of the late premier's death.
"A bullet can take a man's life but his spirit, his dream for peace will never die," Obama said.
Turning to the present situation, Obama said peace was needed between Israel and the Palestinians and both parties would need to compromise and take risks.
"Peace is necessary because it is the only was to ensure true lasting security for Israelis and Palestinians," he said in the address.
Bill Clinton: Israel must decide how to 'finish last chapter' of Rabin's story
Obama vowed that the US would never waiver in its security commitment to Israel.
Tens of thousand of people attended the commemorative rally at Rabin Square in Tel Aviv.
President Reuven Rivlin and former US president Bill Clinton were also among the speakers at the commemorative event.
Rabin was gunned down following an appearance at a Tel Aviv peace rally by Yigal Amir, who was opposed to the then government’s negotiations with the Palestinians.
Rabin's murder stunned not just Israelis but the international community that had pinned its hopes on the former general to achieve peace between Israel and the Palestinians.Reuters contributed to this report.