Her Majesty the Queen, Sir Paul McCartney, Sir Kenneth Branagh, JK Rowling, the Arctic Monkeys, Mr Bean and David Beckham all played a part in the event, which has been dubbed the Greatest Show on Earth.
There was much debate over who would light the Olympic torch, but in the end the honour was given to seven young British athletes, who were chosen by Olympic legends.
Here Mail Online brings you a selection of the best pictures from British director Danny Boyle's Olympic Opening Ceremony, as well as the proceedings leading up to it...
Her Majesty the parachute jumper: A performer dressed as The Queen drops into the Olympic stadium
Three cheers for Great Britain! Chris Hoy waves the flag for Britain as he leads out our athletes to a rapturous Olympic Stadium crowd
Explosive scenes: Fireworks light the sky over Tower Bridge in London during the Opening Ceremony of the London 2012 Olympic Games
Line of fire: The spectacular fireworks finale lights up the sky above and around the Olympic Stadium
We all live in a yellow submarine! An inflatable watercraft floats above performers in one of the many highlights from the ceremony
Health-conscious: A large part of the ceremony was dedicated to the work of the National Health Service and institutions such as Great Ormond Street Hospital, for their tireless work for children
Good triumphs over evil: The towering spectre of Lord Voldemort, from the Harry Potter books, was repelled by a squadron of floating Mary Poppinses
Coming together: Red-hot rings - one rising from the centre of the stadium after being 'forged' by industrial revolution workers - hover above the action as they converge
Familiar logo: The assembled crowd cheered as the glowing circles came together to form the classic interlocking Olympic rings
Forging ahead: The Olympic rings are seen during a pyrotechnics display using molten metal to symbolise the Industrial Revolution
Living in a bubble: A gymnast performs inside a large yellow ball
Lighting up the world: Sir Steve Redgrave carries the Olympic flame into the stadium as the ceremony draws to a close
Jetting in: Men in jetpacks fly around the stadium showering glitter
Why does it always rain on me? Spectators at the Olympic Stadium shelter from the rain with newspapers shortly before the ceremony
No need for fakes: Opening ceremony director Danny Boyle doffed his hat to English weather with a few bruising clouds... but he needn't have bothered
Stylish entrance: David Beckham rides on a speedboat named 'Max Power' which carries the Olympic Torch and its torchbearer
Bringing the flames: As Beckham tore up the Thames in his speedboat, fireworks exploded along his route at the audience waited in the stadium expectantly
Smoking hot: Thousands of spectators look on as the Olympic Cauldron is lit
Ride of a lifetime: A performer on a bike wearing illuminated wings flies through the air
The Red Arrows fly past the stadium as a giant clock countdowns to the start of the Opening Ceremony
Dark horses: Performers dressed up as horses take to the stage
Bohemian Rhapsody: A hologram of British band Queen appears as performer celebrate five decades of British music
Dancing delight: A montage of songs is played as brightly-coloured dancers take to the stage
Not all futuristic: While the show might have ended up with technical wizardry, the rural idyll of a long-lost England took centre stage at the beginning of the ceremony
Old country welcome: Lord Coe addresses the stadium audience, and millions watching worldwide, in front of a tree-topped hill adorned with world flags
Giving way to industry: Soon the peaceful rural setting gave way to the trappings of the industrial revolution as England's rich history was played out
Ding dong! British cyclist Bradley Wiggins rings the Olympic Bell
Children perform during the opening ceremony of the London 2012 Olympic Games
Dance into the light: Performers pay silent tribute to war dead and the victims of the 7/7 terrorist attacks
Finale: Beatle Paul McCartney rounds off the proceedings with a rendition of Hey Jude
Waterworks: Rain falls in the Olympic Stadium before the ceremony begins
Lights show: Fireworks explode above the stadium
Moment of glory: Seven young athletes carry the Olympic flame around the stadium, a symbol of the Games' legacy
Viva Espana: Brightly-dressed Spanish athletes blow kisses as they join the athletes parade at the Opening Ceremony
Seeing red: Another highlight from the spectacular Opening Ceremony