Ford, who is now a city councillor, says he's aware of the "hurtful nature" of his comments and calls them "absolutely unacceptable."
His comments, made today at a city council meeting, come after the city's integrity commissioner released a report last week saying Ford violated council's code of conduct.
Valerie Jepson had called on Ford to apologize in front of city council.
Ford has admitted to insulting a cab driver back in 2012 by calling him a derogatory name and making sounds to imitate the driver.
He also admits to using harsh language last year to describe members of the Italian and black communities in a tape that was leaked to the Toronto Star. Those comments were the reason a formal complaint was filed back in July.
Ford said Tuesday that he understood the concerns brought forward in Jepson's report.
"Mr. Mayor, members of council, I'm deeply ashamed of what I said and I recognize that they bring discredit to both myself and council as a whole," he said.
"I wish to offer my heartfelt apology for my words and my actions."
Ford has made a number of public apologies in the past for various behaviour and off-colour or insulting remarks.
Among them, he has apologized for crude comments made when he denied offering a former female staffer oral sex, saying he had "more than enough to eat at home."
He also apologized after admitting he had indeed smoked crack cocaine, after repeatedly denying that he had, and has apologized for appearing in public while "hammered" and texting while driving.
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