During a consent agenda, the trustees voted to strip Cosby of the honor.
On May 2, UNC's chancellor recommended that the board initiate a process to revoke the degree awarded to Cosby in 2003.
In April, the 80-year-old was convicted of drugging and molesting Andrea Constand.
The crime happened at his suburban Philadelphia mansion in 2004.
According to Chancellor Carol Folt, this is the first known time that the university has taken steps to rescind an honorary degree.
"In this case, Cosby's acts were so counter to our campus values that this prestigious honor is no longer appropriate," she said in a statement. "The University has no tolerance for sexual assault, and we have worked diligently in recent years to comprehensively revise our sexual assault and misconduct policy and enhance resources for our community."