Led by Hindi cinema's megastar Amitabh Bachchan, top stars attended the premiere of Jab Tak hai Jaan or, As Long As I Am Alive.
Chopra was known as the "King of Romance" for creating classic love stories that were immensely popular. He died last month days after finishing the film.
Bachchan, who acted in several of Chopra's blockbusters, said the entire industry was celebrating the film.
"I think Yash Chopra would have liked it. Despite his death, the whole industry is celebrating his movie, and I am very anxious to see it," he said.
Chopra's wife Pamela said the premiere was their way of celebrating Chopra's illustrious life rather than mourning his absence.
The film stars Bollywood superstar Shah Rukh Khan in a love triangle with two leading ladies, Katrina Kaif and Anushka Sharma. The story of the film has not been made public, though promotional clips show Khan as both a musician and an army officer.
Diwali premiere date
Monday's red-carpet event in India's entertainment capital, Mumbai, was attended by Aamir Khan, Salman Khan and several Bollywood actresses from Chopra's earlier movies, including Madhuri Dixit, Sridevi and Priety Zinta.
The opening date coincided with the Hindu festival of lights, Diwali, and the timing was not without controversy.
Film producers consider a Diwali premiere date to be lucky, but it meant the movie ran into the release of yet another potential box-office blockbuster, Ajay Devgn's Son of Sardar.
Around 10 days ago, Devgn sent a legal notice to Yashraj Films, accusing Chopra's company of pressuring exhibitors to promote Jab Tak Hai Jaan over Son of Sardar over the Diwali festival holidays. – Sapa-AP