The prime minister also unveiled two statues of the Dalit icon at the centre in Janpath.
Union Minister of Social Justice and Empowerment Thawar Chand Gehlot, Minister of State Ramdas Athawale and Union Sports and Youth Affairs Minister Vijay Goel were also present at the event.
"The centre will prove to be an inspiration for the promotion of the thoughts and teachings of Dr Ambedkar. The centre will be an important place for research on social and economic issues", the prime minister said.
Modi added that the government had developed five places related to Babasaheb Ambedkar into pligrimage spots.
"I think that this centre is for the youth... where they can see and understand the vision of Babasaheb Ambedkar", the prime minister said.
The centre, he said, was a fusion of Buddhist and modern architecture.
He had laid the foundation stone of the centre in 2015.