The former couple have two children together and were married for 10 years when they announced their split in 2014 and Gwyneth says the pair are now more like brother and sister than former romantic partners.
Speaking on the "Today" show, she said, "He's like my brother. You know, he's my family... I love him."
Gwyneth, 48, also revealed she will always be grateful to Chris for their kids, Apple, 17, and Moses, 15.
"And I'm so grateful to him for giving me these kids," she gushed. "It worked out well... You know, it really did, I have to say. I mean, it's funny. He was over here yesterday. And (Apple) came through and she's like, you know, she's taller than me now. We just looked at each other. We were like, 'How did this go by so quickly?' "
Gwyneth is now married to producer Brad Falchuk while Chris is dating actress Dakota Johnson, and the two couples often holiday together for the sake of Paltrow and Martin's kids.
When talking about co-parenting with her former husband, the actress previously revealed things were not always perfect between them.
"Some days it's not as good as it looks," she told Drew Barrymore in a TV interview. "We also have good days and bad days but I think it's driving towards the same purpose of unity and love and really what's best for them."
But she insisted, "My divorce and my relationship with Chris now is better than our marriage was. So I do think that it can be done."