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At his last press conference before handing over to Barack Obama next week, he said there were enemies who wanted to inflict damage on Americans.
Mr Bush was only eight months into his presidency when terror attacks occurred on 11 September, 2001, in the US.
Mr Bush wished Mr Obama good luck, saying he would be well supported.
There's still an enemy out there that would like to inflict damage on Americans
President George W Bush
Appearing before the White House press corps to thank them for their work during his two terms in power, Mr Bush said he had received a security briefing every day except Sundays for the past eight years.
"The most urgent threat he will have to deal with, and other presidents after him have got to deal with, is an attack on our homeland," Mr Bush said.
"I wish I could report that is not the case, but there's still an enemy out there that would like to inflict damage on Americans. That will be the major threat."
Other threats included North Korea, which he believed might have an enriched uranium programme, Mr Bush said, while Iran was "still dangerous".
In a wide-ranging question and answer session with the media, Mr Bush was asked about his mistakes, the economy, the Middle East and his future.
'Moral standing'
Questioned about America's "moral standing" in the world, he strongly disagreed with suggestions that it had been damaged by the war in Iraq.
But he acknowledged that it had been a mistake to make a speech about US troops in Iraq underneath a banner proclaiming "mission accomplished" in 2003.
US troop numbers were subsequently increased, and 140,000 remain in Iraq as his presidency ends.
Other "disappointments" cited by Mr Bush were the prisoner abuse scandal at Abu Ghraib, and "not having weapons of mass destruction" in Iraq - the main reason given by the US for launching a war on Saddam Hussein.
Domestically, he said the response to Hurricane Katrina in 2005 in New Orleans had been fast enough, but conceded that "things could have been done better".
The Bush administration was widely criticised by local residents who felt abandoned in the immediate aftermath of the disaster.
Family support
Mr Bush was supportive of Mr Obama, repeatedly saying that he wished him all the best and describing him "smart and engaging" and also "a much better speech-maker than me."
He predicted that the next president would suddenly realise the importance of being president of the US - either "the minute he walks in the Oval Office...[or] he may feel it the minute he gets sworn in".
He went on: "All I know is, he's going to feel it. There'll be a moment when he feels it."
As he prepares to leave the White House with his wife Laura, Mr Bush said he had never felt isolated during his eight years there, and did not think Mr Obama would either.
"One reason he won't feel isolated is he's got a fabulous family, and he cares a lot about his family.
"That's evident from my discussions with him. He's a 45-second commute away from a great wife and two little girls that love him dearly."
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