Frankel, who was trained by the late Sir Henry Cecil, drew in the crowds throughout his career and retired undefeated in 2012.
He won 14 races and was retired after his final victory — in the Group One QIPCO Champion Stakes at Ascot.
The statue was created by sculptor Mark Coreth and overlooks the Ascot parade ring, facing the winner’s enclosure.
It was unveiled shortly after the opening race of the Royal Meeting, The Queen Anne Stakes, which was won by the favourite Solow.
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“This unveiling adds to a spectacular opening day at Royal Ascot,” said Guy Henderson, chief executive at Ascot.
“Frankel was the people’s horse and much-loved. It is entirely appropriate that his statue will be among the crowds who visit Ascot through the year, and looking at the winner’s podium.”
Lady Cecil, Sir Henry’s widow, added: “Ascot played a special part in Frankel’s career as five of his 14 wins came at the course. It is fitting that such a magnificent statue will stand at the course to celebrate his achievements.
“Mark Coreth has captured the presence, power and strength of Frankel. I cannot imagine a more fitting or appropriate testament to his talent.”
Frankel now stands at Banstead Manor Stud near Newmarket, with his first crop of foals born last year.
The statue is one of a set of four and the others will stand at the National Museum of Horse Racing in Newmarket, York racecourse and Banstead Manor Stud.
Mr Coreth added: “It was an honour to be asked to create this sculpture of this extraordinary horse. The creative process was a delight and the sculpture tries to capture the power and vitality of Frankel.”
Picture by Bill Selwyn