The day after making the announcement, via a YouTube video, 19-year-old posted on Twitter: "I'd just like to say again a massive thanks for all the support yesterday...it truly was overwhelming xx"
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Fans were quick to commend his honesty, and celebrities also expressed their admiration on Twitter.
Lady Gaga called him "inspiring and brave" and Kylie Minogue used the same phrase to describe the Devon-born sportsman, adding the hastag "RespectTom".
Others showing their support included Stephen Fry and actors Matt Lucas and How I met your Mother's Neil Patrick Harris.
Tom's Team GB diver teammate Chris Mears also said how proud he is of his friend in a Facebook post. He posted a picture of them at a younger age, and captioned it: "Just a quick post of support for one of my best friends, Tom Daley.
"A small step in the grand scheme of things, a big step for him, and hopefully a MASSIVE step towards stamping out the stigmas of sexuality in sport! I'm really proud to call you my mate."
Tom's Team GB diver teammate Chris Mears (left) was among those posting supportive messages
Fans are now waiting eagerly to see if Tom will talk about his new relationship when he appears on the Jonathan Ross show this weekend.
There have been unconfirmed reports the British sportsman is dating 39-year-old screenwriter and activist Dustin Lance Black, who won an Oscar for Milk.
Speaking about his new relationship in the YouTube video, Tom says: "In spring this year my life changed massively when I met someone, and they make me feel so happy, so safe and everything just feels great."