The film, the 25th in the long-running series, takes place after the capture of villain Ernst Stavro Blofeld, played by Christoph Waltz, with Bond no longer in active service.
It is Craig's last outing as 007.
The 53-year-old looked secret agent suave at the Royal Albert Hall premiere, arriving in a dark pink suede dinner jacket over a white shirt and black bow tie.
Star of the film Lea Seydoux braved the London rain to attend the glitzy event and said she had mixed emotions for Craig's 007 swansong.
The French actress, who is reprising the role of Madeleine Swann in No Time To Die, told the PA news agency: "I'm really, really happy the film is finally coming out, even if it's raining. And tonight will be very emotional because it is Daniel's last film. I'm a bit sad and happy at the same time."
Seydoux also starred alongside Craig in 2015's Spectre and described her time with the Bond franchise as an "amazing journey".
"I'm really, really happy and I feel very lucky," she told PA, adding "it's time now to celebrate".
And Seydoux, 36, welcomed No Time To Die's arrival in cinemas following the chaos wrought by the pandemic.
She said: "Cinema is one of the greatest art forms. We need it and I'm happy this film is coming out in cinemas. It's such a relief and a joy."
The Prince of Wales, the Duchess of Cornwall and the Duke and Duchess of Cambridge are attending the event in a rare joint engagement, and will walk the red carpet to meet 007.
No Time To Die sees Bond enjoying a tranquil life in Jamaica when his old friend and CIA agent Felix Leiter, played by Jeffrey Wright, turns up asking for help.
A number of Bond premieres have taken place at the Royal Albert Hall, including 2015's Spectre, where the Cambridges and the Duke of Sussex were in attendance.
The film was initially due to be released in April 2020 but has suffered multiple delays because of the pandemic.
The film will be released in UK cinemas on September 30.