A seven-foot bronze monument was unveiled in the centre carrying the names of the 96 people who died at Hillsborough.
The bronze sculpture, created by local artist Tom Murphy, was dedicated to the victims at a public ceremony, watched by hundreds of people, on Old Haymarket.
Alongside the names of the victims, it features the words "Hillsborough Disaster - we will remember them".
Sheila Coleman, chair of the Hillsborough Justice Campaign, campaigned for a memorial in the heart of the city, alongside the 'eternal flame' memorial at Liverpool FC's home in Anfield.
She thanked the public effort to raise funds for the monument, urging the support to continue.
David Charters composed a poem inscribed on the monument.
"In life, few words carry more sorrow than, 'they died before they were old.' The sense of loss is always raw.
"What's lost is not the past, but the future."
Thousands of people are expected to attend a memorial service today to mark the 24th anniversary of the Hillsborough disaster.
Silence will fall around Liverpool football ground today to mark the 23rd anniversary of the Hillsborough disaster.