It was the first time 59-year-old Cruise had attended the Cannes Film Festival in 30 years.
The world-renowned festival announced it will pay the Hollywood star an “exceptional tribute” for his lifetime achievements during Wednesday’s events.
Joining Cruise were his co-stars, Connelly, 51, who plays Penny Benjamin, and Teller, 35, who portrays Bradley Bradshaw.
The Top Gun sequel directed by Joseph Kosinski is in cinemas from May 27, 36 years after the original was released in 1986.
Cruise will reprise his role as US naval aviator Pete Mitchell, with Jon Hamm, Glen Powell, Lewis Pullman and Ed Harris also in the cast.
The film was originally due for release in July 2019 but was repeatedly pushed back due to the coronavirus pandemic.
Take a look through our picture gallery from the red carpet.