Mutharika has been decorated for what the church said was stirring the economy during the current difficult period and also for gracing the centenary celebrations.
Muluzi has on the other hand been awarded a certificate of recognition for establishing the Chilembwe day and placing the face of the freedom fighter on the local currency.
It is exactly 100 years since the death of Chilembwe who died while fighting for the liberation of Malawians.
Receiving the accolade, Muluzi said he was delighted that he is being appreciated while he is still alive, and Mutharika thanked the organizers of the function for the recognition.
He was an early figure in the resistance to colonialism, in Nyasaland (Malawi), opposing both the treatment of Africans working in agriculture on European-owned plantations and the colonial government's failure to promote the social and political advancement of Africans.
The aims of the rising remain unclear, partly because Chilembwe and many of his leading supporters were killed, and also because many documents were destroyed in a fire in 1919.
However, use of the theme of “Africa for the Africans” suggests a political motive rather than a purely millennial religious one.
Chilembwe is believed to have drawn parallels between his rising and that of John Brown, and stated his wish to "strike a blow and die" immediately before the rising started
Today, Chilembwe is celebrated as a hero for independence.
Nyasaland gained independence in 1964, taking the name Malawi.
Chilembwe's likeness has been seen on the obverse of all Malawian kwacha notes since 1997 until May 2012, when new notes were launched and the K500 bank note still honors his portrait.
John Chilembwe Day is observed annually on January 15 in Malawi.