The video contrasts video of Obama's announcement with statements made by Romney on the campaign trail Wednesday, where the presumptive Republican nominee is shown saying that he believes marriage should be "between people of the same gender."
Romney goes on to say that he does not "favor civil unions if they're identical to marriage other than by name."
Onscreen text then lists benefits of civil unions or marriage that could elude homosexual couples, with red "denied" text repeatedly being stamped over the video.
"What rights would Romney deny? Health insurance for your partner and kids, denied. Adopting children together, denied. Emergency decisions for partners, denied," the text reads. "Even President Bush supported civil unions."
A clip of former President George W. Bush expressing support for civil unions follows. The ad then hammers Romney on his position that states should determine domestic partnership benefits.
"Romney would even let states roll back federal rights for couples' hospital visits," onscreen text reads.
On Wednesday, Obama campaign spokesman Ben LaBolt tweeted that Romney "refused to say he supports hospital visitation rights at a federal level for gays and lesbians" as the Republican candidate was outlining his position on the issue in Oklahoma City.
The ad concludes with text playing off the president's new "forward" campaign slogan.
"President Obama is moving us forward. Mitt Romney would take us back," the ad says.
The Obama campaign is hoping the president's decision will help inspire young and liberal voters in the party's base. According to multiple media reports, the campaign raised more than $1 million in the 90 minutes after the president's announcement from online donations.