Shah Rukh is the third Indian actor to figure in the popular tourist attraction - the other two are Amitabh Bachchan and Aishwarya Rai. The actor was present with his family when his statue was unveiled.
The decision to have a wax model of King Khan was based on feedback received from thousands of visitors and tourists who visit the museum featuring prominent personalities every year.
A spokesman of the museum said that Shah Rukh's statue reflected the growing popularity of Indian films in Britain, which are now watched not only by British Asians but others too.
Guests will be allowed to stand next to Shah Rukh's duplicate and take pictures. The backdrop of the statue could be changed - to one from the star's latest hit "Don", the spokesman added.
Other Indians featuring in the museum include former Prime Ministers Indira Gandhi and Rajiv Gandhi.