The Democrat had been expected to seek a second four-year term and launched his campaign in a video on Tuesday.
He said it was a pivotal moment with freedoms and rights under threat. "This is not a time to be complacent," he said. "That's why I'm running".
Vice-President Kamala Harris, 58, will once again be his running mate.
Mr Biden, 80, is already the oldest president in US history and is likely to face questions about his age throughout the campaign. He would be 86 after finishing a second full term in 2029.
Within hours of announcing his candidacy, President Biden addressed Union workers in Washington, DC where he was greeted with cheers of "Let's go, Joe" and "four more years!".
Throughout the speech the president underscored what appears to be his slogan for the 2024 campaign: "It's time to finish the job."
He touted his efforts to restore the American economy after the pandemic as well as the bipartisan infrastructure bill, before teasing what he would do with a second term in office.
"We've got a lot more to do," Mr Biden said.
Source: www.bbc.com
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