The 70-foot mural in downtown is near the corner of 3rd Street and Broadway.
"Anthony Quinn was an immigrant, who came to America and became one of the most successful actors in the world," said Valentina Castellani, partner of Quinn's late son.
Quinn, who was born in Mexico, was raised in East Los Angeles. Actor James Edward Olmos considered Quinn to be a role model and inspiration to the Latino community.
The mural, titled "Pope of Broadway," was first completed in 1985.
"To me, Anthony Quinn represents Los Angeles and its diversity, so that was my thought process at the time when I painted the mural," Eloy Torrez said.
In 2014, the mural was chipped, faded and vandalized with graffiti. The restoration of Quinn's figure took a little more than six months to complete. It is now seen as a signature piece for the Bringing Back Broadway initiative, which is an effort to restore the Broadway corridor in downtown.
"We are opening up more restaurants and hotels, and not too long from now we will see the street car roam the streets of downtown L.A. once again," Councilman Jose Huizar said.
It was four years ago, amid a downtown Renaissance, that the city lifted its 11-year ban on murals.