The Shannon class lifeboat reached Scarborough after travelling from where it was built in Poole, Dorset, on the south coast.
Named Frederick William Plaxton, the boat is powered by water jets rather than traditional propellers.
People filled the town's new lifeboat station to welcome the boat's crew.
A new building was required to house the lifeboat as it is larger than the outgoing Mersey class vessel, the RNLI said.
Funded by donations from the F W Plaxton Charitable Trust, it was named after the founder of Scarborough coach building firm Plaxton Ltd in his memory. Capable of reaching a speed of 25 knots, the new lifeboat is 50% faster than the old boat it replaces.
John Senior, RNLI lifeboat operations manager, said: "Naturally we'll miss our current all-weather lifeboat, but we're also excited about receiving a Shannon, whose advanced technology means we'll be able to reach people a lot more quickly and further off shore."
The RNLI, founded in 1824, operates more than 230 lifeboat stations and depends entirely on donations.
Robert Goodwill who attended the event said:
" Having seen the lifeboat in the production facilities in the Poole, it was fantastic to be there and see the new Shannon class lifeboat arriving in Scarborough"