The memorial is a tribute to Cronkite's life and career.
Cronkite was born in St. Joseph. The event took place on what would have been his 97th birthday.
"He loved his birthday. He loved getting presents," his daughter Kathy Cronkite said.
His present Monday was a 5,000 square-foot memorial.
"This memorial is a tribute to our beloved native son," Missouri Western President Robert Vartabedian said.
The memorial includes memorabilia, interactive videos and an artistic timeline of his life. The timeline was designed by Missouri Western art faculty, Eric Fuson and David Harris.
Missouri Governor Jay Nixon spoke during Monday's ceremony, noting Cronkite's legacy in the state and nationwide.
"May we all take from this ceremony a renewed application for the contributions and appreciation of the way that he applied his skills," Nixon said.
The memorial is now open to the public.