Large crowds gathered at the Lincoln Memorial, where the first black US president spoke just after 1900 GMT the same time that King delivered his spellbinding speech.
The first march was early in the turbulent 1960s, when the South still had separate restrooms, schools and careers for blacks and whites, and racism lingered across the country.
In the two years following the march, President Lyndon Johnson signed the landmark Civil Rights Act and Voting Rights Act to outlaw discrimination, and King received the Nobel Peace Prize.
But he pointed to the nation's economic disparities as evidence that King's hopes remain unfulfilled.
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The name of that original march was the March on Washington for Jobs and Freedom. Obama has said King is one of two people he admires "more than anybody in American history."
The other is Abraham Lincoln. Thousands of people were in attendance in wet weather.
Two former presidents, Bill Clinton and Jimmy Carter, spoke movingly of King's legacy and of problems still to overcome. "This march, and that speech, changed America," Clinton declared.
Oprah Winfrey, Forest Whitaker and Jamie Foxx were among the celebrities. Winfrey said King forced the nation "to wake up, look at itself and eventually change."
International commemorations were being held at London's Trafalgar Square, as well as in the nations of Japan, Switzerland, Nepal and Liberia.
London Mayor Boris Johnson has said King's speech resonates around the world and continues to inspire people as one of the great pieces of oratory.
On August 28, 1963, as King was ending his speech, he quoted from the patriotic song, "My Country 'tis of Thee" and urged his audience to "let freedom ring."