Named Dalmunach after a nearby pool in the River Spey, on whose banks the distillery sits, it is capable of producing up to 10 million litres of spirit per year.
The architecture of the building, which houses eight copper stills, was inspired by the shape of a sheaf of barley.
Local Speyside firms were involved in its construction and eight permanent employees have been added to the Chivas team.
Production at Dalmunach is expected to begin this month.
Laurent Lacassagne, chairman and CEO of Pernod Ricard-owned Chivas Brothers, said: “The construction of the new Dalmunach distillery is a clear demonstration of our confidence and also of our commitment to invest to meet the significant growth potential.”