The sculpture is on loan for the next four months from Madame Tussauds London.
Bachchan took his place at the "World Famous Home of the Famous" alongside other movie stars such as Jackie Chan, Johnny Depp and Angelina Jolie, the museum said.
"Hong Kong is becoming an increasingly popular destination for Indian tourists and we have been fortunate to welcome many tour groups and individual travelers to Madame Tussauds Hong Kong," Bret Pidgeon, general manager of Madame Tussauds Hong Kong and Shanghai, said in a statement.
"While these guests enjoy meeting our unique collection of over 100 international celebrities and world leaders, there is a growing demand for us to feature Indian film stars," Pidgeon said. "Bachchan's entry here today is part of our effort to enhance the guest experience for our Indian visitors."
Bachchan has amassed more than 100 film credits during a career that has spanned nearly four decades.