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Amid slogans hailing the former AIADMK supremo by party supporters, Palaniswami inaugurated the memorial as Panneerslevam and Assembly Speaker P Dhanapal joined him.
The three later paid floral tributes, with Palaniswami and Panneerselvam prostrating at the spot, where she was laid to rest on December 5, 2016 after her death.
The three also paid tributes to a huge portrait of Jayalalithaa at the memorial.
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Ministers, MPs, MLAs and senior party leaders were present.
The state government had earlier earmarked Rs 50 crore for constructing the phoenix-themed memorial for Jayalalithaa, fondly addressed as ”Amma” (Mother) by her supporters. Huge crowd of supporters thronged the Kamarajar Salai to witness the inauguration of the memorial.