During the enthusiastic and extended applause at the end of the film, Presley, 77, hugged director Baz Luhrmann while wiping away tears.
They were also joined by the film's stars Austin Butler — who plays Elvis — along with Tom Hanks and Olivia DeJonge, with everyone embracing one another as the applause continued well after the lights came up.
The group remained close-knit for much of the evening, while walking the red carpet ahead of the film, as well as at the afterparty.
At the post-film event, lights in the sky formed various shapes of the King of Rock and Roll, and wrote "#Elvismovie" in the sky.
Italian rock band Måneskin, who have a song on the Elvis soundtrack, took the stage at the event, performing the Elvis classic "If I Can Dream."
Ahead of the premiere screening, Luhrmann reflected on the bumpy production of Elvis, which was significantly delayed due to the onset of the COVID-19 pandemic in 2020 (in fact, Hanks, 65, was the first major celebrity to contract the virus while on his way to shoot the film in Australia).
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"I really believe that we would come to Cannes with this film, but then COVID came, and the film was shut down, and it was never going to happen," Luhrmann, 59, told the crowd.
"But for the bravery of Tom to come back, and the bravery of his cast, and this crew, to go on through COVID, and to finish this film... and we are back in Cannes," he continued.
"And to see these streets so full of people who love movies, of every form of life, of every background, and every kind of movie says so much more about what this place means, and what it means to be back in the cinema. So for that we are eternally grateful, Cannes. All I can say is merci beaucoup, merci beaucoup."
Priscilla has previously sung her praises of the new film recounting the meteoric rise of her late musician husband, saying during the Met Gala red carpet earlier this month, "I think it's a movie for everyone."
"Even the people who've heard stories about Elvis before, they're gonna learn something," she added.
On Instagram days later, she reiterated her feelings, writing alongside a trailer for the film, "I've seen Elvis the film, I watched the trailer over a dozen times."
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"I relived every moment in this film. It took me a few days to overcome the emotions as it did with Lisa. Beautifully done Baz, Tom, Austin and Olivia."
Elvis, also starring Stranger Things' Dacre Montgomery and Power of the Dog's Kodi Smit-McPhee, arrives in theaters June 24.