Putin, who arrived in the pre-dawn hours, is on his first trip to the North Korean capital in 24 years, a visit likely to reshape decades of Russia-North Korea relations at a time when both countries face international isolation.
The countries' partnership is an "engine for accelerating the building of a new multi-polar world" and Putin's visit demonstrates the invincibility and durability of their friendship and unity, North Korea's state news agency KCNA said.
Kim greeted Putin, shaking hands, embracing and talking beside the Russian leader's plane. The pair then rode in the same limousine to the Kumsusan State Guest House.
"Passing through charmingly lit streets of Pyongyang at night, the top leaders exchanged their pent-up inmost thoughts and opened their minds to more surely develop the DPRK-Russia relations," KCNA reported, using the initials of North Korea's official name.
Wednesday's agenda includes one-on-one discussions between the two leaders, as well as a gala concert, state reception, honour guards, document signings and a statement to the media, Russia's Interfax news agency quoted Putin's foreign policy adviser Yuri Ushakov as saying.