Vulcan XM601 crashed, killing all on board, while coming into land at RAF Coningsby on 7 October 1964.
Relatives of the five men who died attended the ceremony at the Lincolnshire Aviation Heritage Centre at East Kirkby.
A plaque was unveiled in honour of the dead men.
Richard Burkard, son of Flt Lt Charles Vernon Burkard, said it was a real honour to take his family and to meet relatives of other crew members.
He said he never knew his father, having been born two weeks after he died.
The crew, which also included Flt Lt Geoffrey Bingham and Flying Officer Alan Hubert Jones, all perished when the aircraft's wingtip hit the ground on approach.
The two pilots, Wing Commander Kenneth John Lewis Baker and Flying Officer Paul Elliot Busfield, managed to eject, but were killed due to the angle of the aircraft and its low altitude.
A memorial service has been held for the crew of an RAF Vulcan bomber killed in a crash in Lincolnshire in the 1960s.