The statue was created to pay memory to the Ibrox hero who sadly passed away in October 2021.
We previously reported planning permission was submitted to build the bronze structure on the corner of the stadium between Edmiston House and the Copland Road stand.
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It was revealed to fans yesterday (Saturday, May 25) before Rangers took on rivals Celtic at Hampden Park in the Scottish Cup Final.
The family of Smith, including Steven Smith, Ethel Smith (Walter’s wife), and Neil Smith, helped unveil the statue.
It has been designed and sculpted by London artist Douglas Jennings, whose portfolio includes a statue of Queen Elizabeth II in London and footballers Jack Charlton and George Cohen.
From visiting Ibrox as a young boy to leading Rangers to multiple victories as their manager, Smith has been cemented as a legend of the Glasgow club.
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Under his leadership, the side won nine league titles in a row, three Scottish Cups and three League Cups.
As the club revealed the new statue, pictures showed loads of fans gathered in the area to watch the historic moment.