Sir Keith Park's statue stood temporarily on the usually vacant fourth plinth near Nelson's Column in Trafalgar Square.
Overnight, it was unveiled in its permanent position in Waterloo Place.
Defence Minister Wayne Mapp said in speech notes prepared for delivery at the ceremony that it was a proud moment for New Zealand.
"The unveiling of Sir Keith Park's statue reminds us today of the events 70 years ago when our nations stood in peril.
"In this battle, freedom and democracy were at the precipice. The valour of the pilots of both our nations, and of other countries, won the day."
Fighter for freedom
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