The Queen, accompanied by the Duke of Edinburgh, was driven along Green Street before turning through the main gates to be greeted by Terence and his wife Jean.
Youth players of various ages - including Anton Ferdinand, brother of Rio - lined up in Hammers kit along the main drive.
As the Duke got out of the car, he quipped: "When does the match start?"
The chairman, expressing his pride that the Queen had included Upton Park on her Golden Jubilee tour, says: "The visit of Her Majesty The Queen, accompanied by His Royal Highness The Duke of Edinburgh, was undoubtedly the most important non-footballing event in the history of West Ham United.
"Following the formal opening of the Dr. Martens Stand by The Queen, the club was honoured to host a Golden Jubilee luncheon on behalf of the London boroughs of Newham, Barking & Dagenham, Bexley, Greenwich, Havering, Redbridge, Tower Hamlets and Waltham Forest.
"Her Majesty's visit represents not just a momentous day for the club, its staff and supporters, but also reflects upon the important role West Ham United has played within the east London community, not only since its formation as a works' football team in 1895, but since the launching of the Thames Iron Works and Shipbuilding Co. itself in 1843."