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Painted by award-winning portrait artist Jamie Coreth, the picture was commissioned in 2021 by the Cambridgeshire Royal Portrait Fund, as a gift to Cambridgeshire.
The full-length portrait shows the couple standing side-by-side and looking off to the right, with relaxed expressions on their face.
Prince William wears a black suit with an eggshell coloured shirt and teal tie, while Kate wears an emerald midi-dress by The Vampire’s Wife, Manola Blahnik shoes and a pair of pearl drop earrings.
The royal couple met Coreth on Thursday for the unveiling of the portrait.
“It’s quite big,” said Prince William, adding that it was “amazing”.
The Duke and Duchess both studied history of art at St Andrews University, though William later switched to geography.
Coreth worked to incorporate the city of Cambridge into the portrait by painting the background with the tones and colours of many of the historical stone buildings that are synonymous with it.
The portrait also includes the use of a hexagonal architectural motif which can be seen on buildings across the university city.
Coreth said it was the “most extraordinary privilege of my life to be chosen to paint this picture”.
He said: “I wanted to show their Royal Highnesses in a manner where they appeared both relaxed and approachable, as well as elegant and dignified.
“As it is the first portrait to depict them together, and specifically during their time as the Duke and Duchess of Cambridge, I wanted the image to evoke a feeling of balance between their public and private lives.”
Members of the public will be able to view the portrait at the Fitzwilliam Museum for an initial period of three years, after which the artwork will be exhibited in other community spaces and galleries around Cambridgeshire.
The painting will also be loaned to the National Portrait Gallery for a short time in 2023 to mark the gallery’s reopening.
The news comes amidst rumours that the family are planning to move their family from London to Berkshire.
According to a report in The Sunday Times, Prince William, Kate and their three children are preparing to make a house on the Queen’s Windsor estate their primary residence.
The family will keep Kensington Palace as their London home.
Additional reporting by PA