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 after her death on December 5, 2016.
The three also paid tributes to a huge portrait of Jayalalithaa at the memorial.
Palaniswami and Panneerselvam in May 2018 had jointly laid the foundation stone for the memorial adjacent to that of party founder and late chief minister M G Ramachandran located on the Marina Beach at Kamarajar Salai.
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.