Officials in Hempstead, on Long Island, believe it's the first school in the nation to be renamed for the 44th president.
Principal Jean Bligen says the idea to rename the former Ludlum Elementary School came from the children.
Students wrote essays and held mock debates during the campaign.
After Obama's victory in November, the school board unanimously passed a resolution making the change.
The school, built in the 1920s, originally was named after Dr. Charles Ludlum, who served on the school board for about 40 years. Bligen has said Ludlum's relatives approve of the change.