The 133-space facility is located in Scott Street and has been constructed on the site of the former Cathedral Primary School.
The project cost £500,000, the local authority has said.
This is the third car park to open around the town in recent months, following St Vincent Place and Farm Street.
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Councillor James Coyle, Convener of the Planning and Transportation Committee, said: "The Scott Street car park is ideally placed for all the facilities in the town centre, linking through the underpass direct to the pedestrianised section of Merry Street then on to Muir Street and Brandon Parade.
"By increasing the number of parking spaces in our town centres, the council is making it easier for people to access local facilities and therefore helping to boost the local economy.
"This car park also forms part of the latest element of the town centre regeneration, which will see a public space created in front of Motherwell Cathedral and the area along Coursington Road landscaped and improved."
(JP/IT)
