Members of Team GB were greeted by cheers as they left their plane at London's Heathrow Airport.
They flew back from China in a special plane with a gold medal nose, bringing with them their 47 medals.
Team GB chief Simon Clegg said: "The whole team are really pleased to be back home and very proud with what has been achieved."
Some of the athletes went to a news conference, while others caught up with their families.
Cyclist Chris Hoy, who won three gold medals at the velodrome, said the welcome home was "overwhelming".
He said: "You're living in a bubble in the Olympic village and it's only when you land and see quite how many people have turned up you realise - it's incredible."
"It's been a long pressure build-up and it's going to be nice to switch off and see friends and family and do normal things again."
The London Mayor, Boris Johnson, will arrive back in the capital with the Olympic flag later on Tuesday.
Fans will get the opportunity to celebrate the team's success at a victory parade, which will be held in the capital on 16 October.