In a surprise appearance before reporters, Obama hailed the "incredible grace and dignity" of Martin's parents and warned that a resort to violence in the wake of the Florida court verdict would "dishonor" his death.
He also called for a review of controversial "stand your ground" laws like the one in place in Florida, which assert that citizens can use lethal force -- rather than retreat -- if they sense their lives are at risk.
"Trayvon Martin could have been me, 35 years ago," Obama said, in his first substantive comments on a verdict that has aroused an impassioned debate on US race relations.
While he refrained from direct comment on the jury's decision to acquit neighborhood watch volunteer George Zimmerman on Saturday, Obama weighed in on the larger issues of race raised by the case.
"I just ask people to consider if Trayvon Martin was of age and armed, could he have stood his ground on that sidewalk?" Obama asked.
"And do we actually think that he would have been justified in shooting Mr. Zimmerman who had followed him in a car because he felt threatened?
"And if the answer to that question is at least ambiguous, then it seems to me that we might want to examine those kinds of laws," he said.
Obama also urged better training of law enforcement at the state and local levels "to reduce the kind of mistrust in the system that sometimes currently exists."
He said young African American males needed greater encouragement in the face of negative stereotypes that many blacks believe was at the root of the shooting death.
Martin, 17, was fatally shot on the rainy night of February 26, 2012 during an altercation with the 29-year-old Zimmerman in a gated community in Sanford, Florida.
Zimmerman said he acted in self-defense and his team did not specifically invoke the "stand your ground" law in its arguments.
A jury of six women, all but one white, cleared him of second-degree murder and manslaughter charges.
Critics of Saturday's verdict argue that Zimmerman racially profiled the youth -- who had no criminal record -- and was able to kill him with impunity because of a biased criminal justice system.
But Zimmerman -- who has a white father and a Peruvian mother -- has insisted race was not a factor in the incident.