Obama said the museum, in the footprint of the former Twin Towers of the World Trade Center, would ensure the horror and heroism of September 11, 2001 would not be forgotten by future generations.
The president, speaking slowly and somberly, told New York dignitaries and relatives of those killed in the attacks that it was an honour to recall "the true spirit of 9/11 -- love, compassion, sacrifice and to enshrine it forever in the heart of our nation."
Obama was an unknown state lawmaker in Illinois when the attacks shook the foundation of American life and drew the country into a still unfinished cascade of wars and anti-terror operations.
But the aftermath of September 11, the wars in Afghanistan and Iraq which followed, and the thicket of legal snares laid down by the "war on terror" have cast a shadow over his presidency.
Before speaking, Obama toured the museum with First Lady Michelle Obama and former president Bill Clinton and former secretary of state Hillary Clinton, who was a senator for New York when the attacks took place.
Former New York mayor Michael Bloomberg, who was in office as the museum became reality, said the museum was a "sacred marker of our past."
The museum, with its 10,000 artifacts, provides an emotionally bracing experience likely to revive terrible memories of the attacks, which shattered the illusion that mainland America was insulated from threats facing much of the rest of the world.
A huge iron column, the last recovered from the site in May 2002, is on display, along with stairs from a nearby street that were used by hundreds of people to flee the site of the drama.
In the bowels of the museum, visitors can examine the foundations of one of the towers which once defined New York's skyline but which collapsed in a murderous cloud of fire and ash.
There are 23,000 still images, more than 500 hours of film and video and more than 2,000 archival documents at the museum.
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