Transport minister Keith Brown visited and said that with Festival celebrations being in full swing, this was "an ideal time" to showcase improvements to the quality, accessibility and affordability of public transport infrastructure.
Network Rail said the 16-person lifts add a "spectacular new opportunity for travellers to view Edinburgh's world famous skyline".
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They connect the station to Princes Street via the roof of Princes Mall.
The project team has also created a new covered step and escalator access between Princes Street and the north entrance to Waverley station.
The official completion marks the end of an18-month, Transport Scotland-funded project for Network Rail and contractors Morgan Sindall.
David Simpson, Network Rail route managing director for Scotland, said: "The 'Windy Steps' have been given a vital upgrade. The entrance is now stylish and bright and the renovated Princes Mall rooftop provides the perfect view of Edinburgh's skyline.
"The project proves our commitment to create a modern facility that is respectful of Waverley Station's historical significance but satisfies the requirements of the modern traveller."
John Leslie of Morgan Sindall added: "This was a technically-challenging project for our highly-skilled team and the work carried out was sensitive to the historical location in the city."
The works are the biggest enhancement of Waverley Station since the end of the 19th Century.
(NE)
