He set up a makeshift kitchen in a rundown part of Rio and feeds dozens of homeless people each night at a restaurant called Refettorio Gastromotiva.
The project is a collaboration with Brazilian chef David Hertz, the New York Times said.
Nine months before the start of the Games, Hertz persuaded Rio's mayor to provide an empty site and Bottura started raising US$250,000 (NZ$346.000) to pay for the project.
The duo have a 10-year lease and plan to fund free dinners by charging for lunch.
One diner said the food was the best he'd eaten. Rene da Conceição is 40, has spent the past nine years on the streets with his wife and usually scavenges food from bins.
"Oh my God, he takes banana peels and makes incredible ice cream," the New York Times reported.
"These guys, they shake your hand and they treat you like you're a boss," he said. "I thought I was dreaming and told my wife to pinch me. But it wasn't a dream."
-New York Times