Earlier this year, Mr Odinga swore himself in as the "people's president" and refused to recognise election victor Mr Kenyatta as head of state.
"That the two leaders mutually agreed to stand down on their hard line positions for the sake of Kenya is a show of statesmanship, which is laudable", he said in a statement.
Kenyatta was sworn in last November for a second term after winning a repeat presidential election last October 26 that Odinga boycotted.
"Time has come for us to confront our differences because they are becoming too entrenched", said Odinga.
Months of campaigning and sporadic clashes between government and opposition supporters affected growth in Kenya, one of East Africa's biggest economies.
The Bungoma Senator said for meaningful progress to be made in integrating Kenyans, leaders from both NASA and Jubilee should read from the same script - and not only those in the strategic apex of the leading political formations.
Raila Odinga had refused to recognise Uhuru Kenyatta as president
The meeting was aimed at uniting Kenyans.
Odinga said: "the conflict is over" and called on the country to "reconcile and move on". "I and my colleagues from NASA will get an explanation from Raila on why he took the step he took; and why he had a meeting with President Uhuru Kenyatta (without our knowledge)".
Mr Kenyatta and Mr Odinga issued their statement just hours before the US Secretary of State Rex Tillerson arrived in the Kenyan capital as part of a seven-day tour of Africa and one analyst said his visit could be linked to the rapprochement.
"We are the only country that goes for elections and ends up with an economic slump".
"President Uhuru Kenyatta and Raila Odinga are the two leaders who symbolise the many ways in which the country has gone full circle in its divisions. It is good for the country", said.