"President Trump should win the Nobel Peace Prize. What we need is only peace," Moon told a cabinet meeting, according to a presidential Blue House official who briefed media.
Moon and North Korean leader Kim Jong Un on Friday pledged to end hostilities between the two countries and work towards the "complete denuclearisation" of the Korean peninsula in the first inter-Korean summit in more than a decade.
Trump is preparing for his own summit with Kim in late May or early June.
In January, Moon said Trump "deserves big credit for bringing about the inter-Korean talks. It could be a resulting work of the US-led sanctions and pressure."
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