The NDAA authorizes a 5% increase in military spending, and is the product of intense negotiations between Democrats and Republicans over issues ranging from reforms of the military justice system to COVID-19 vaccine requirements for soldiers.
"The Act provides vital benefits and enhances access to justice for military personnel and their families, and includes critical authorities to support our country's national defense," Biden said in a statement.
The $768.2 billion price tag marks $25 billion more than Biden initially requested from Congress, a prior proposal that was rejected by members of both parties out of concerns it would undermine U.S. efforts to keep pace militarily with China and Russia.
The new bill passed earlier this month with bipartisan support, with Democrats and Republicans touting wins in the final package.
Democrats applauded provisions in the bill overhauling how the military justice system handles sexual assault and other related crimes, effectively taking prosecutorial jurisdiction over such crimes out of the hands of military commanders.
WATCH: Vanessa Guillen: Remember Her Name
The change is welcome news for the family of Vanessa Guillen, an Army specialist from Houston, and military sexual trauma survivors. They've long said soldiers don't report abuse, fearful of retaliation. Guillen's family has long maintained she suffered sexual harassment before being killed by another soldier while in service to this nation.
"This is a bittersweet feeling," Guillen's sister, Mayra, posted on Instagram. "The loss of my sister created the biggest military law change in history. I awaited so long for this day."
Republicans, meanwhile, touted success in blocking an effort to add women to the draft, as well as the inclusion of a provision that bars dishonorable discharges for service members who refuse the COVID-19 vaccine.
The bill includes $7.1 billion for the Pacific Deterrence Initiative and a statement of congressional support for the defense of Taiwan, measures intended to counteract China's influence in the region.
It also includes $300 million for the Ukraine Security Assistance Initiative, a show of support in the face of Russian aggression, as well as $4 billion for the European Defense Initiative.
In his statement, the president also outlined a number of provisions his administration opposes over what he characterized as "constitutional concerns or questions of construction."
Those planks include provisions that restrict the use of funds to transfer or release individuals detained at the Guantanamo Bay detention center, which the Biden administration is moving to close. Biden's statement saidthe provisions "unduly impair" the executive branch's ability to decide when and where to prosecute detainees and where to send them when they're released, and could constrain U.S. negotiations with foreign countries over the transfer of detainees in a way that could undermine national security.
The law also has provisions barring goods produced by forced Uyghur labor in China from entering the U.S., and it begins to lay out plans for the new Global War on Terror Memorial, which would be the latest addition to the National Mall.
The Associated Press contributed to this report.