This was the first meeting between the two since the final Presidential debate in October. Officials say the meeting is a step towards the two men working together.
The two men ate turkey chili and grilled chicken salad and traded ideas on how to preserve the nation's status as a whole leader, the White House said. It was Romney's first appearance in the public eye after a three week hiatus following the election.
His role within the Republican party is still unclear, the Wall Street Journal says.
Although the meeting did spark some curiosity among the media, it turned out to be more of a publicity stunt than anything substantive, says the Washington Post.
White House Press Secretary Jay Carney said the two were swapping stories about the campaign trail and said the president previously had stated an interest in Romney's managerial knowledge.
President Obama also met former election challenger John McCain after the 2008 race.