The Colombia international has agreed a six-year contract with Madrid and underwent his medical with the club on Tuesday morning before being displayed in front of a crowd at the Santiago Bernabau.
Madrid president Florentino Perez welcomed the forward and compared him to the late legend of the club, Alfredo Di Stefano who also came to the club from Colombia.
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'Colombia will be at your side,' said Perez, which raised a cheer from the fans in the stadium.
Rodriguez said: 'I hope to win many titles here, Hala Madrid,' invoking the club's chant.
Neither club have confirmed the fee for the 23-year-old, but reports suggest Madrid have paid about £60million, which would make Rodriguez the fourth most expensive transfer of all time after Gareth Bale, Cristiano Ronaldo and Luis Suarez.
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