Directed by Baz Luhrmann, the film is a stylish and modern adaptation of F Scott Fitzgerald's story of obsessive love, empty lives and wealth in the 1920s.
"Baz is one of the most exciting, nostalgic directors to work with," said Leonardo, who plays the self-made millionaire Jay Gatsby in the film, about his director.
"Once you're enveloped in his world of creativity you can't leave it."
Amitabh Bachchan had a great time on the red carpet. Though he said his role as Meyer Wolfsheim in the film is a blink-and-you'll-miss-it one, his fans just didn't seem to care.
According to reports, the cheers went up for a moment when Big B stepped out on to the red carpet, leaving the US media flummoxed momentarily.
Amitabh later tweeted: "Back from The Great Gatsby premiere and has to be said... the EF (extended family) was the main attraction. Simply superb! American media, fans, security in shock. Thank you my ED, and thank you to those that cheered their lungs out. US media thought Leonardo had come, when noise went up."
In picture: Amitabh Bachchan and Jaya on the red carpet
Text: Sify; Images: AP