'Troublemaker' singer Olly was joined by his parents at the launch yesterday, during which hundreds of fans braved the rain to see the popstar.
Captured during a number of sittings, Olly's wax figure appears with a microphone in hand, while dressed in a white shirt and skinny denim jeans from Olly's own wardrobe.
The wax figure also sports facial hair, a quiff and Olly's trademark cheeky grin.
Taking to Twitter, Olly said: "Never thought I'd say it but it was great to be waxed!"
He later added: "Proud but weird day @MadameTussauds thanks a million to everyone who came down including the rents!!"
Wax figures like Olly's cost a staggering £150,000 to make, with a dedicated team of sculptors working on each figure for around four months.
Olly added: "There is no greater honour than having a wax figure created, it means I'll be immortalised for years to come amongst the other famous faces at Madame Tussauds Blackpool.
"I hear there was great demand for a figure of me to be made, the whole thing was a great experience from start to finish. It's amazing for me to be in Blackpool, an Essex boy up North.'
It was revealed in February that Olly would be honoured with his own waxwork. Olly has established himself as a successful artist in the music industry, some six years since auditioning for the 2009 series of The X Factor, where he finished in second place.
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