The statue was revealed ahead of the Mavericks Christmas Day game against the Los Angeles Lakers in a ceremony called 'All Four One'.
It shows Nowitzki taking his signature one-legged fadeaway.
Written on the statue is a 21-word phrase, representative of Nowitzki's 21 years with the Mavs, "Loyalty never fades away."
The Big German teared up while watching a video of the sculptor saying how people will see this statue here 500 years from now.
Nowitzki Way was closed for Mavericks fans to watch the celebration.
A prototype of the statue was first revealed during Nowitzki's jersey retirement ceremony last year.
DALLAS, TEXAS - JANUARY 05: Team owner Mark Cuban unveils a replica statue of former player Dirk Nowitzki during a ceremony honoring Nowitzki's career and retiring his No. 41 jersey at American Airlines Center on January 05, 2022 in Dallas, Texas. NO
The statue is different than the original mockup, which had three balls coming out of the top.
Nowitzki is the all-time leader in a number of statistics for the Mavs including points scored and games played and led the team to their only championship in 2011.
Nowitzki was announced as a nominee for the basketball Hall of Fame earlier this month.
The class of 2023 will be announced on April 1.