The facility was made possible thanks to a partnership between Strathclyde Partnership for Transport (SPT) and North Lanarkshire Council.
The car park is located beside Blairhill railway station.
The park and ride provides 215 spaces plus 12 disabled parking bays for commuters.
SPT has invested £750,000 in the development work, while the council will now maintain the facility which is fully lit and monitored by CCTV cameras.
The car park is the first of a number of developments in Coatbridge designed to increase parking facilities for shoppers, businesses and commuters.
At Kildonan Street, the council has developed 35 extra spaces by removing areas of old concrete landscaping and overgrown planting around the current car park.
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In Baird Street, a derelict building has been demolished and the site cleared to create space for an extension to the existing council car park.
Work is expected to begin later this year and will provide 28 new spaces.
Investigations are underway on the site of the former Hebron Hall on Church Street to determine its suitability for a car park.
The project is subject to planning permission being approved.
Councillor James Coyle said: "Coatbridge's busy town centre attracts shoppers and visitors by public transport and car so it's important that we have enough space for them as well as for people working in the town."
"Local businesses had asked the council if more car parking could be provided to meet demand, so the additional spaces we're developing will improve access to the shops and services within the town centre and boost the local economy.
"The new Blairhill park and ride also makes it much easier for commuters and others to use the rail services to Glasgow and Edinburgh.
"Along with the recent award of £800,000 from Historic Scotland to the council for environmental improvements to the conservation area, these projects are contributing to a significant investment in Coatbridge town centre through successful partnership working."
(LM/MH)
