"Tissue please! I now need tissues," said an emotional Oprah Winfrey.
"I don't know a better person...I don't know a better person," Oprah told Walters.
"Why is it making you cry?" asked Walters
"Shoot! I wasn't going to cry here – um, it's making me cry because I'm thinking about how much I probably have never told her that," said Oprah.
She fired back at those tabloid stories that she and King are actually lovers:
"I have said we are not gay enough times. I am not lesbian, I am not even kind of lesbian, and the reason why it irritates me is because it means somebody must think I'm lying, that's number one, number two, why would you want to hide it?" she said.
She fought back tears again when talking about her boyfriend of 20 years, Stedman Graham.
"I do not know of another man on this planet who could have lived this life with such dignity, with such grace, and such respect," she said.
Oprah told INSIDE EDITION, "[Stedman is] my co-host in life!" during a rare joint interview in 1992.
She told Walters she's purposely scaled back on their public appearances as a couple.
"Every time we showed up in public there'd be another exploitive story, so I made a conscious effort to pull back on my public appearances with Stedman," she explained.
Walters was shocked to learn that they are still a couple.
"I'm shocked," she said.
"You're shocked?" asked Oprah.
"Yeah because I didn't know that it was still on!" Walters told her.
Oprah said, "You're kidding me!"
Meanwhile, Oprah is taking her show on the road, all the way to Australia! She was swarmed by fans as she drove a golf cart around a wildlife park, where the TV queen cuddled up to a koala.
Oprah surprised 300 audience members with the trip back in September, and now they've finally begun their great adventure Down Under.