The bill is aimed at transforming the country's education system and enabling the government to tackle some of the issues that the education system has been grappling with, Xinhua news agency reported.
"The signing of this bill marks an important step toward resolving longstanding challenges in our education system," Ramaphosa said on Friday.
Though access to quality education has improved since the fall of the apartheid regime, the President added that more work is required to tackle the remaining barriers.
"In many respects, education outcomes fall short of what our society needs and what the young people of our country deserve," he said.
The bill's focus on foundation phase education and stricter penalties for corporal punishment has shown the government's commitment to creating a safer and more supportive learning environment.
"Grade R, the reception year before Grade 1, will now be compulsory. This will enhance our focus on early childhood development," Ramaphosa added.
The bill would also oversee the language and admission policies of South African schools to ensure an equitable education system.
"We have seen learners being denied admission to schools because of their language policies. We have had cases of children not being allowed back to school or to sit exams because their parents cannot pay school fees," he noted.
The bill's signing faced backlash from the opposition party, the Democratic Alliance (DA), which is part of the Government of National Unity.
John Steenhuisen, the DA leader, threatened to walk away from the government if the bill were signed into law.
Minister of Basic Education Siviwe Gwarube from the DA did not attend Friday's ceremony, saying that she had written to the President requesting the bill be sent back to the Parliament for reconsideration.
Ramaphosa addressed such concerns in his speech, saying that he would be engaging with the parties in the next three months.
"In the spirit of cooperation and meaningful engagement, I have decided to delay the implementation date for clauses 4 and 5 of the bill by three months. This will give the parties time to deliberate on these issues and make proposals on how the different views may be accommodated," said the President.
The signing of the bill into law was welcomed by the South African Parliament.
In a statement issued after the signing ceremony, Joy Maimela, chairperson of the Basic Education Committee in the Parliament, said the legislation has taken a long time to pass through the lawmaking process and aligns with the ongoing transformation agenda in the education sector.
"The committee commends the President for signing into law this progressive piece of legislation that will positively change the landscape of schooling in South Africa. This is exactly what the country needs at this time," Maimela said.
She also noted that the committee is aware of the language policy clause that President Ramaphosa has delayed for three months.
"We look forward to the engagement on this issue but continue to call for the full implementation of the bill," she added.