In return, Xi said he "appreciated his US counterpart, Donald Trump, for stressing that the USA government adheres to the one-China policy", state news agency Xinhua reported.
Following the telephone conversation, a statement by the spokesman for Taiwan President Tsai Ing-wen stated that it was in Taiwan's interest to maintain good relations with both the US and China.
The White House issued a statement saying Trump had "provided a letter" to Xi on Wednesday, thanking the Chinese leader for a congratulatory note he had sent on the US president's inauguration.
Xi said he greatly appreciated Trump's willingness to expand China-US cooperation and develop a constructive bilateral relationship that will benefit the two countries and the worldwide community.
Trump appointed noted China hawk Peter Navarro as a trade adviser, while Secretary of State Rex Tillerson has said the U.S. should deny China access to artificial reefs it built in the South China Sea.
During the phone call, Trump also stressed that Washington will stick to the one China policy.
Xi appreciated Trump's affirmation of One China policy, Chinese State media reported. "President Trump and President Xi look forward to further talks with very successful outcomes", it added.
In December, the US President angered Beijing by talking to the President of Taiwan, Tsai Ing-wen and saying he did not feel "bound" by the agreement. China has never renounced the use of force to bring Taiwan under its control. "This will now pave the way for the engagement of the US and Chinese governments on a wide range of issues".
Trump sent a letter to Xi Jinping wishing China a happy New Year only a day before the recent phone call.
Trump, Spicer insisted, wants to have a fruitful and constructive relationship with China. The policy was put in place under President Jimmy Carter, and he was the last president to speak with a Taiwanese leader.
"Also on a healthy and stable foundation, promote greater development in China-U.S. ties", Lu said.
"The U.S.is Taiwan's most important ally in the world", she said.
"I had a very, very good conversation, as most of you know, yesterday with the president of China", Trump said in a joint press conference with Japanese Prime Minister Shinzo Abe.
One senior Western diplomat said China had been redoubling its efforts to win over the Vatican, one of a handful of countries to retain official ties with Taiwan. But, for now at least, the American government will recognize one, and only one, government of China, and its President Xi.
Trump changed tack and agreed to honor the "one China" policy during the call, prompting jubilation in China.
He had been the only USA president in recent years not to have issued greetings to the world's most populous nation on its most important holiday, which fell this year on January 28.