In a joint statement issued following their meeting, the two leaders urged both Iran and the US to act with restraint and prioritize diplomacy, reported Xinhua news agency.
"The use of force does not contribute to finding solutions to complex problems in the Middle East, but ... would lead to a new cycle of instability," the statement said.
Earlier on Wednesday, Iran fired over a dozen of missiles at two Iraqi bases hosting US troops in retaliation for the US killing of Qassem Soleimani, commander of the Quds Force of Iran's Islamic Revolution Guards Corps, near the Baghdad airport on Friday.
On the Libyan crisis, the two leaders called on all parties in Libya to establish an immediate ceasefire and stop all hostilities.
The ceasefire should be sustainable and "supported by the necessary measures to be taken for stabilizing the situation on the ground and normalizing daily life in Tripoli and other cities," the statement said.
Libya has been torn by a raging civil war, between the UN-recognized Government of National Accord (GNA) based in the capital Tripoli and the Libyan National Army and its allies based in the east.
On Sunday, Erdogan said Turkey was "gradually" sending troops to Libya under a deal inked with the GNA.
Erdogan and Putin also reiterated their commitment to the preservation of sovereignty, independence, political unity and territorial integrity of Syria.
Turkey and Russia are at odds over the offensive by Russian-backed Syrian government forces on the country's last rebel-stronghold in northwestern province of Idlib, which prompted a new flow of refugees to the Turkish border.
"We underscore the necessity to establish calm in the Idlib de-escalation area by fully implementing all agreements on Idlib," the statement said.
( With inputs from IANS )