The high-octane ceremony at the 40,000 capacity Fisht stadium on the Black Sea got off to a rocky start when one of five illuminated snowflakes which were supposed to morph into the Olympic rings failed to appear, leaving an embarrassing set of just four rings.
But thereafter the show charmed and stunned in equal measure, taking hundreds of millions of spectators around the world on a lightning tour of Russian history and culture guided by a young girl named Lyubov (Love).
The flame had been brought into the stadium by US-based Russian tennis star Maria Sharapova and the final relay included Olympic rhythmic gymnastics champion Alina Kabayeva who has been rumoured in some quarters to be Putin's lover.
Russia is under huge pressure to organise a glitch-free Games after a build-up dogged by controversies over gay rights, construction delays and security.
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The concerns that have shadowed these Games were underlined when Turkish media reports said a Ukrainian man attempted to hijack an airliner en route from Ukraine to Turkey and divert it to Sochi.
In line with Olympic protocol, Putin, who has championed the drive to host the Olympics in Sochi since before the successful bid in 2007, made no speech save declaring the Games open.
Putin welcomed more than 40 other heads of state and leaders for the ceremony, including UN Secretary General Ban Ki-moon, Chinese President Xi Jinping, and embattled Ukrainian President Viktor Yanukovych.
However US President Barack Obama as well as the leaders of key EU states Britain, France, and Germany are conspicuous by their absence, a move seen by many as a snub over Russia's now notorious anti-gay law.