Beant was assassinated in a bomb blast on this day in 1995.
Congress leaders laid wreaths and paid tributes to the former chief minister at the Beant Singh memorial here.
Members of Beant's family, including his son Tej Prakash, daughter Gurkanwal Kaur and grandsons Gurkirat and Ravneet Singh Bittu (MP), attended the function organised by the Punjab government.
Though he could not personally attend the event on account of a court appearance, Punjab Chief Minister Amarinder Singh, in his message, recalled Beant's sacrifice for Punjab and its people.
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His assassination was a dark day in the state's history, but his sacrifice paved the way for freedom from terrorism, he said.
Amarinder's political secretary Sandeep Sandhu laid the wreath at the memorial on behalf of the chief minister.
Punjab Pradesh Congress Committee (PPCC) president Sunil Jakhar and a large number of party MLAs also paid rich tributes.
Cabinet ministers Brahm Mohindra, Navjot Singh Sidhu, Manpreet Badal, Tript Rajinder Bajwa, Sadhu Singh Dharamsot and Charanjit Singh Channi also attended the two-hour memorial service.