The film's three stars Shah Rukh Khan, Katrina Kaif and Anushka Sharma, along with the late Chopra's wife Pamela and son Uday, greeted guests arriving at Yash Raj Studios, which had been transformed into a 60's-style cinema hall.
IANS: "We are missing him every moment. I hope everyone enjoys the film. His legacy has been wonderfully celebrated."
The biggest stars of the Indian film industry gathered for the event, with guests including Amitabh Bachchan and wife Jaya Bachchan, Abhishek Bachchan and Aishwarya Rai Bachchan, Aamir Khan with wife Kiran Rao, Hrithik Roshan and family, Karan Johar, Imran Khan, Anil Kapoor, Sonam Kapoor, Arjun Kapoor, Shahid Kapoor, and veteran actors including Vinod Khanna, Dilip Kumar, Saira Banu and Jeetendra.
Speaking at the event, Amitabh Bachchan said: "We are excited to see the film. We thank the family for this premiere. Yash ji would have liked this."
MI:4 star Anil Kapoor said: "This is a celebration of Yash Chopra's life. He is still alive for me through his films, work, music. I am really looking forward to his film."
Attending with husband Boney Kapoor, Sridevi, who starred in Chopra's Chandni said: "There are so many memories with him that it is endless of say. It is difficult to express. We will miss him."
The studio was adorned with classic posters from Yash Raj films through the ages.
Describing the evening, Dil Toh Pagal Hai star Madhuri Dixit said: "He was the king of romance. This is a beautiful way to celebrate his life with love, happiness and remembrance. His films show romance for every age. Wish he was around to see this."
Despite ongoing rumours of rivalries with the film's lead actor, Salman Khan also attended the event.
Writing on Twitter after the celebration, Amitabh Bachchan said: "T 930 - Just back from YRF and an evening filled with stunning presence, film and after party ...beautiful homage to the great Yashji - JTHJ.
"T 930 - Danced my shoes off with all the youngsters ... an amazing evening... spending time with Salman, Aamir, Shahrukh, Katrina and Anushka."
Kajol, who starred with Shah Rukh Khan in Yash Raj's biggest hit to date Dilwale Dulhania Le Jayenge, was not present. The actress's husband Ajay Devgn, whose film Son of Sardaar also releases today, is embroiled in an ongoing dispute with Yash Raj Films.
Yash Chopra passed away on October 21 after contracting dengue fever.
In an interview with Shah Rukh Khan two weeks earlier, the acclaimed director announced his plans to retire. He was 80.
Jab Tak Hai Jaan releases today (November 13).