The Kilburn Grande Park adventure playground features a tree house with slides and a rope swing, a ravine with a sand pit and a climbing net leading to a tower
It was officially opened by England and Arsenal women's footballer Rachel Yankey.
The playground is one of 29 new or enhanced play areas to be created across the borough with funding from the £225m Play Pathfinders programme, part of the Children's Plan.
Camden was one of 20 local authorities chosen as a play pathfinder in the first year of the programme (News, 6 March 2008).
Councillor Heather Johnson, cabinet member for Children, Schools and Families on Camden council, said, 'The playground looks spectacular and is full of exciting equipment that will test children's balance and increase their confidence. Letting children use their imaginations in play is a great way to inspire young minds, and I am delighted to be here to celebrate the opening of this great facility.'