Widely hailed as a "visual masterpiece", the movie - which tells the tale of a boy adrift at sea in a lifeboat with only a Bengal tiger for company - stars Tabu, Irrfan Khan, Adil Hussain and debutant actor Suraj Sharma.
Stars including Shah Rukh Khan and AR Rahman took to Twitter to lavish praise on the Oscar-winning director's film.
Khan tweeted: "Choose the story... the truth of your life that you wish to live. Others can choose what they want to believe... Life of Pi."
Karan Johar wrote: "[Life of Pi's] message will have multiple interpretations and will be open to post-viewing analysis. That's the fun of it."
Teri Meri Kahaani director Kunal Kohli said: "Just saw Life of Pi. It's more than a film. It's an experience and learning of a lifetime!"
Oscar winning composer AR Rahman described the film as "a masterpiece".
Describing Ang Lee as the greatest living director of our times, Mahesh Bhatt said: "A work of wonder! This harrowing, death-defying trans-Pacific sea adventure will make you believe in God. He makes you believe in the soul-stirring power of cinema."
Vikram Bhatt said: "Life of Pi is pure cinematic brilliance and a directorial achievement way beyond one can imagine. In a way, it is the story of all of us, we are Pi, in our little boats, with our fears trying to ride out the sea of life and survive!"
Based on Yann Martel's novel, Life of Pi has been described as an epic adventure of magical realism.
Produced by Fox Star Studios, Life of Pi will be released in 3D and 2D in the US on November 21 and in the UK on December 20.
The film recently opened the New York Film Festival.
Watch Suraj Sharma's video diary for the film below: