More than 250 people were injured on 11 May, 1985, during the football ground disaster.
Bradford City were playing Lincoln City when the fire killed 54 Bradford fans and two Lincoln supporters.
The Lord Mayor of Bradford and The Mayor and Mayoress of Lincoln attended the service.
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The service at the Bradford City fire memorial sculpture in Centenary Square was attended by the relatives and friends of those who lost their lives or were injured.
The act of remembrance included a minute's silence, the laying of wreaths and Abide with Me was sung.
A garland of flowers was also placed on a bell in Bradford City Hall that came from the first fire engine to arrive on the scene of the fire.
Councillor Geoff Reid, Lord Mayor of Bradford said: "It is extremely important to the city and the district that we take time out of our busy lives to remember those who were affected and continue to be affected by the tragic events of 11 May 1985. This act of remembrance is so poignant each year."
At the start of the 1985 game, Bradford City was presented with the Division Three championship title - the team's first trophy in 56 years - in front of 11,000 jubilant fans before the start of the season's last home fixture.
But celebrations turned into tragedy when the main stand - a wooden structure - was engulfed in flames after it is thought someone dropped a lit cigarette.
A memorial service has marked the 32nd anniversary of a fire at Bradford City's Valley Parade that claimed the lives of 56 football fans.