The hotel-style facility will serve families with patients at the new Lurie Children's Hospital in the Streeterville neighborhood.
A rooftop, ribbon-cutting ceremony was under way late Tuesday morning. ABC7 Chicago was told families would be able to start moving in just after 1 p.m.
Illinois Gov. Pat Quinn attended the opening ceremony for the new $30 million facility, which includes 14 floors, 86 rooms and a rooftop garden.
Two of the floors are designated for outpatient care and children who are the recipients of organ transplants.
"A total break from the hospital, a touch of home really provides them a sense of balance in their life and a little moment to take a breather and begin again the next day," said Mary Agnes Laguatan of the Ronald McDonald House.
"This great structure behind us -- 86 rooms. For families, many of them are very modest means, who could not come to downtown Chicago and get a big hotel. They just cannot afford it, but they have to be there with their children in order to help their recovery. So, I really want to thank Mcdonald's," Quinn said.
The Ronald McDonald house moved to a new location, along with the old Children's Memorial Hospital, which was in the Lincoln Park area. The new, larger house is near the Lurie hospital.