Over 400 people watched as the memorial was unveiled in Lissett Village by former senior 158 Squadron officers Squadron Leader Brian Quinlan, who had travelled from Australia, Air Marshal Sir John Curtis, Wing Commander Bill Stephenson and Squadron Leader John Cotter.
851 men from the squadron never returned home from operations during WWII and all of their names have been inscribed on the monument by artist Peter Naylor, to ensure they are never forgotten.
Guest of honour, the Archbishop of York, Dr John Sentamu, presided over the dedication ceremony. He said:
"The memorial sculpture is a great tribute to those brave servicemen and women who gave their lives in the name of freedom during the Second World War."
Representing the RAF of today was the Station Commander of RAF Leeming, Group Captain Bill Gibson, and a cadre of cadets from 158 Squadron Air Training Corps, Braintree, Essex.
Group Captain Gibson said:
"It is a great privilege to be here today and meet so many ex-RAF veterans.This monument is a fitting testament to their courage and bravery."
158 Squadron Association President 'Bluey' Mottershead said:
"True bonds of trust and comradeship developed between the crews in the long hours in the skies and on the ground - so much so that each would have died to save the lives of the others. Little wonder that the squadron motto is 'Strength in Unity'."
The memorial depicts a life-size seven-man crew of a Halifax Bomber and has been cast in the same metal as the Angel of the North.