A total of 298 trees have been planted in the shape of a green ribbon, one for each of the victims who died on board the Malaysia Airlines flight en route from Amsterdam to Kuala Lumpur.
Dutch King Willem-Alexander and Queen Maxima joined government and international officials at a solemn ceremony to dedicate the memorial in the park of Vijfhuizen, close to Amsterdam's Schiphol airport where the flight took off from on July 17, 2014.
The names of all the 298 passengers and crew killed in the disaster were read out by their emotional families, and the Dutch royals and others laid flowers.
While most of the victims were Dutch, there were 17 nationalities on board including Australians, Britons, Malaysians and Indonesians.
"It's three years to the day that MH17 was shot down in mid-air," said Evert van Zijtveld, the head of association of the victims' families.
"But for us it was yesterday. That day... left a void in our lives. There is a life before and after July 17, 2014.
"These victims can never be forgotten," he said. "This monument is for now and for future generations."
"A tree symbolises 'hope' and 'future' in many cultures," the victims' families association said in a statement.
"We not only want to honour the MH17 victims, but also want to create a place where everyone can keep their memories of the 298 passengers alive."
Funded by donations, the project was designed by artist Ronald A. Westerhuis and landscape architect Robbert de Koning after it was chosen out of three proposals by relatives in late 2015.