The New York museum has six themed galleries, which begin with The Opening Night Party, an elaborate Italian baroque garden party full of 'A list' guests.
Following in the footsteps of the original museum in London, the Manhattan branch joins Tussaud's exhibitions in Amsterdam, Las Vegas and Hong Kong.
The 85,000 sq ft, five-story building features almost 200 handcrafted, life-sized wax statues, including film and pop stars, politicians past and present, and business leaders.
Those honoured with a model include Marie Antoinette - about to be beheaded - to actors John Travolta and Samuel L Jackson in the film Pulp Fiction.
The New York museum has six themed galleries, which begin with The Opening Night Party, an elaborate Italian baroque garden party full of 'A list' guests.
Waxworks of 20th Century world leaders and key figures are gathered in the next room.
These include the Dalai Lama, Gandhi, John F Kennedy, Malcolm X, Albert Einstein, Martin Luther King Jr, Fidel Castro, Yasser Arafat, and Diana, Princess of Wales.
The Times Square section features wellknown New Yorkers such as actor and director Woody Allen, singers Barbra Streisand and Lou Reed, and outgoing Mayor Rudolph Giuliani.
The popular culture gallery contains icons of 20th Century culture including Janis Joplin, Charlie Chaplin, The Beatles, Marilyn Monroe, John Wayne, Neil Armstrong and Pablo Picasso.
An empty gallery is reserved for icons of the icons of the 21st Century.
'Face in the place'
Vice president of Tussaud's Group USA, Tony Peluso, said he wanted an exhibition which would sum up the city of New York.
"We wanted to reflect the city, the term we use is face in the place. We chose the portraits to be part of the attraction and wanted to ensure they would be representative," he said.
He said the museum would give fans a chance to have fantasy meetings with the stars.
"Here is your opportunity to come up and shake hands with Whoopi Goldberg, put your arm around her and get a picture, ask all kind of questions, tell her what you think and probably have her not talk back to you."
But the new museum's general manager Janine Scarpello admitted not all visitors were taken in by the "portraits".
"We still get, 'That doesn't look at all like Mel Gibson'. It's all in the eye of the beholder," she said.