The fundraiser reportedly raked in $US25 million ($A38 million) - a major show of Democratic support for Biden at a time of persistently low poll numbers.
The president will test the power of the campaign cash as he faces off with presumptive Republican presidential nominee Donald Trump, who has already proved with his 2016 win over Democrat Hillary Clinton that he did not need to raise the most money to win the presidency.
The Radio City Music Hall event will be a gilded exclamation mark on a recent burst of presidential campaign travel.
Biden has visited several political battlegrounds in the three weeks since his State of the Union address served as a rallying cry for his re-election bid.
The event also brings together more than three decades of Democratic leadership.
The hours-long event has different tiers of access depending on donors' generosity.
The centrepiece is an onstage conversation with the three presidents, moderated by late-night talk show host Stephen Colbert.
There is also a lineup of musical performers - Queen Latifah, Lizzo, Ben Platt, Cynthia Erivo and Lea Michele - that will be hosted by actress Mindy Kaling.
Thousands are expected, and tickets start from $US225.
More money gets donors more intimate time with the presidents.
A photo with all three is $US100,000.
A donation of $US250,000 earns donors access to one reception and $US500,000 gets them into an even more exclusive gathering.
"But the party doesn't stop there," according to the campaign.
First lady Jill Biden and DJ D-Nice are hosting an after-party at Radio City Music Hall with 500 guests.
Obama and Clinton are helping Biden expand his already significant cash advantage over Trump.
Biden had $US155 million in cash on hand through the end of February, compared with $US37 million for Trump and his Save America political action committee.
The $US25 million tally for the New York City event on Thursday includes money from supporters who handed over cash in the weeks ahead of the fundraiser for a chance to attend.
It is raising $US5 million more than Trump raised during February.
"This historic raise is a show of strong enthusiasm for President Biden and Vice President Harris and a testament to the unprecedented fundraising machine we've built," campaign co-chair Jeffrey Katzenberg said.
"Unlike our opponent, every dollar we;re raising is going to reach the voters who will decide this election - communicating the president's historic record, his vision for the future and laying plain the stakes of this election".
Trump has kept a low profile in recent weeks, partially because of courtroom appearances for various legal cases, the bills for which he's paying with funds from donors.
He is also expected to be in the area on Thursday, attending the Long Island wake of a New York City police officer who was shot and killed during a traffic stop in Queens.
