The 62-year-old received the honour for services to football and broadcasting from the Prince of Wales at Windsor Castle on Wednesday.
McCoist is now best known as a commentator and pundit, but enjoyed great success during his playing days.
At Rangers, where he remains the club’s all-time top scorer, he notched up 355 goals in 581 matches and won eight league titles.
Before the investiture, McCoist told talkSPORT radio that he had practised his small talk ahead of his big day.
Speaking after the ceremony on Wednesday, he said Prince William was “very well versed” in football, and had put everyone at ease.
“I think the fact that we had met before and chatted before was a good degree of comfort,” he said.
“It was great, it was special. You sometimes worry will there be things to say, will there be things to talk about, but he puts everybody at ease.
“I really enjoyed the couple of minutes’ conversation we had.”
He said they mainly talked about football.
“I’m obviously well aware that the prince is an Aston Villa fan – they’ve got a very, very big game tonight, which I think he’s going to.
“So we spoke about that, and just generally working in broadcasting and life, really.”
Asked about his career highlight, McCoist said: “Probably this, to tell you the gospel truth, and I really mean that.
“I’ve been very, very blessed to do something I love effectively all my life.
“There’s not many people who can get up in the morning and genuinely love what they’re doing.
“Playing football for a living was a dream, to do it professionally for 22 years was absolutely fabulous.”
He said he has no regrets about his career, which included a stint as manager of Rangers during a difficult era for the Glasgow club.
McCoist, from Renfrewshire, said he would “never have thought for a minute” that he would end up being made an OBE when he first started kicking a ball as a young boy.
He said his mother had died just a few days after Queen Elizabeth II, in September 2022, and his whole family was thinking of her on Wednesday.
“My mother, who would have absolutely adored this, passed away maybe four days after the Queen. The Queen was 96, my mother was 95.
“I’d be lying if I didn’t tell you that we’re all thinking about her as well with a smile on our faces.”
He added: “I can’t tell you how my mum would feel, and I don’t have any doubt she’s feeling it now, she’s up there watching it somewhere.
“She’ll have a big smile on her face.”
