Coventry University's Scarborough campus has been built on the town's former Weaponness Park and Ride site.
About 200 students have begun courses at the site, though it is expected to eventually be home to more than 2,000 students.
The building, which includes engineering and science labs, a mock law court and a library, is part of a £50m sports and education facility.
Professor Craig Gaskell said: "Launching our new state-of-the-art building is a huge milestone for us and demonstrates our commitment to Scarborough and the Yorkshire coast area."
A new University Technical College has been built nearby and Scarborough Athletic FC's new 2,000-seater stadium is also under construction on the site.
Coventry University also has a campus near London's Liverpool Street Station and recently announced it will open a campus in Dagenham in September 2017.
A new £14m university campus has opened in Scarborough.