The show will run until Oct. 6 and will feature many of the stylish dresses worn by the actress who went on to become Princess Grace of Monaco.
"From Philadelphia to Monaco: Grace Kelly — Beyond the Icon" explores her life through about 100 objects and archival documents from 1930 to 1970.
Besides her haute couture clothing by designers such as Chanel, Dior and Yves Saint Laurent, the exhibit features letters, photos and film clips along such themes as style, love, diplomacy, success and values.
Suzanne Sauvage, president of the McCord Museum, said Kelly's sense of style left its mark.
"Clothing does not just carry an esthetic quality,'' Sauvage said. ''It defines an entire generation and bears witness to a specific place and time.
"Without ever intending to, Grace Kelly had a huge impact on fashion, which is still felt today."
Kelly was considered a muse of director Alfred Hitchcock and won the best actress Oscar in "The Country Girl" in 1955.
Following her marriage to Prince Rainier of Monaco in 1956, she became known for her devotion to her subjects.
She died in 1982 after suffering a stroke and crashing her car.