The musician received his medal at a private event in Stockholm before a scheduled concert in the city.
No further details were given.
Swedish Academy officials previously said Bob Dylan would not deliver his Nobel lecture, a traditional condition of receiving the 8 million krona ($900,000) prize money, at the event.
Bob Dylan, 75, is expected to deliver a taped version of the lecture later.
If he does not deliver a lecture by June, the singer will have to forfeit the prize money.
A member of the Swedish Academy, which awards the prize, told the Associated Press “it went very well indeed”, and that Bob Dylan was “a very nice, kind man”.
In an earlier blog post, the academy’s secretary said the setting would be “small and intimate”. No media were present at Bob Dylan’s request.
After receiving the prize, Bob Dylan performed a concert on April 1 at the Stockholm Waterfront venue. A second concert is planned for April 2.
The Nobel Prize for literature has usually been associated with poets and novelists.
However, the academy handed Bob Dylan the prize “for having created new poetic expressions within the great American song tradition”.
Bob Dylan failed to attend the December ceremony, citing previous commitments. In a speech read on his behalf, he said it was “truly beyond words” and he thought his odds of winning were as likely “standing on the moon”.
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