It comes as The David Bowie World Fan Convention arrives in Liverpool, which will be based at the city's waterfront.
Carlos Alomar, Bowie’s guitarist from the mid-70s to early 2000s, unveiled the statue in front of ITV cameras.
Alomar told ITV that the wall in the statue is a depiction of the Berlin wall, which holds a deeper meaning relating to the 'Let's Dance' artist.
“We all love him because we found a different him every time he came about. Everybody loves a different Bowie," he said. "And ‘who can I be now?’ is exactly the way that I live my life based on this man right now.”
The statue was made by sculptor Andrew Edwards, who has made other statues of British icons, such as The Beatles and Sir Alex Ferguson.
Just last week one of Bowie's most celebrated albums, 'The Rise and Fall of Ziggy Stardust and the Spiders from Mars', turned 50 years old. Have a read about how the reception of it changed over those five decades.