Tom Hanks and Austin Butler, who play Colonel Tom Parker and Presley, walked the red carpet. They were joined by Priscilla Presley, the late singer's ex-wife, who has enthusiastically endorsed Luhrmann's movie.
Also in attendance at the glittering event were Kaia Gerber (Butler's girlfriend), Winnie Harlow, Natasha Poly, Conor McGregor, Casey Affleck, Kylie Minogue and Shakira. The evening wrapped with a light show set to some of Elvis' biggest hits.
The film, which is due to be released in UAE cinemas on June 23, shines a light on the singer's long and tortured relationship with his manager, Col Parker.
Luhrmann, who has directed and co-written the film, is known for his musical masterpieces, including Romeo + Juliet, Moulin Rouge! and The Great Gatsby.
Olivia De Jonge stars as Priscilla in the biopic, while Richard Roxburgh plays the singer's father Vernon Presley, and Kelvin Harrison Jr and David Wenham take on the roles of musicians BB King and Hank Snow.
Elvis lookalike in Cannes
The King of Rock 'n' Roll died 45 years ago, but Elvis fever was alive in Cannes on Wednesday, as fans delighted at seeing an impersonator stroll down the resort city's famed promenade, La Croisette.
The Elvis lookalike, whose real name is Eryl Prayer, was in town to celebrate the premiere of Luhrmann's biopic.
Fans of Elvis, some of whom were angling for a ticket for the film, were stopping Prayer for selfies and kissing him on the cheek.
Prayer said he first listened to the Jailhouse Rock singer's music when he was in his teens and enjoys returning to his youth through the hitmaker.
"Thanks to Elvis and through him, I bring happiness to people. The image of Elvis withstands the test of time, it's impressive," he told Reuters as he ambled through the French Riviera town.
Luhrmann's film, a top festival draw, stars Austin Butler as the musician and Tom Hanks as Presley's enigmatic manager, Colonel Tom Parker.
Speaking to one superfan, Prayer said he was glad the film was made because it will bring Elvis and his music to younger generations.
— Additional reporting by Reuters