Dr John Sentamu preached and prayed at the Lost Trawlermen's Service at St Andrew's Quay in the city on Sunday.
The memorial has been 15 years in the making and was designed by Peter Naylor. It depicts 13 fishermen and a boy.
Around 6000 fishermen from Hull are believed to have died at sea. The city has been a major British fishing port for centuries.
The service was part of a three-day mission weekend in Hull, where the Archbishop also visited children and young people, held social events, called into local businesses and spoke at a commissioning service for a new children and family's worker at a church.
Dr Sentamu tweeted before the unveiling:
I'll be unveiling a memorial at the Lost Trawlermen Service, St Andrew's Quay Hull at noon. We will remember them. @DioceseOfYork
— John Sentamu (@JohnSentamu) February 12, 2017
Before his mission trip to Hull, he said: "I am looking forward to returning to Hull for this weekend of mission.
"I never tire of telling the marvellous story of Jesus Christ and how knowing him and his love can transform lives whatever situations we face."