The lifelike bust, created by American artist Alex Peter, has been installed at the University's Department of Anthropology and Archaeology, where Professor Aston worked for more than 25 years.
Professor Aston, who passed away in 2013, was a very familiar face on Channel 4’s popular archaeology programme, Time Team, which ran for 19 years.
Famous for his stripy sweaters, he brought with him a wealth of knowledge about ancient landscapes and archaeology.
Alongside his TV work, he was also Professor of Landscape Archaeology at the University of Bristol.
The idea of a bronze bust came from the large Time Team community. It was cast in the Mussi artworks foundry in Berkeley, California, as a special commission.
The artist, Alex Peter, was inspired to do the work through an admiration for Mick. He said: "It was for his obvious passion and love of the subject, and the academic rigour and process which supported that love.
"To acknowledge Aston for his academic contributions is a beautiful and a very meaningful thing."
In a short ceremony held at the University of Bristol on Friday evening, the bust was unveiled by Mick's long-term partner, Teresa Hall, in the presence of his family, friends and academic colleagues.
Teresa said she was thrilled that Mick will be remembered in this way in the University that was his home for so many years.
The bust is located in the library of the former Baptist College, now the Reception Room of the Department of Anthropology and Archaeology.
Bristol’s Professor Mark Horton, who worked alongside Mick for many years, said: "Mick was such an amazing archaeologist in so many different ways. He was passionate about lifelong learning for all, and, of course, a great communicator.
"It's great that generations of our students will be able to link the famous face with his wonderful books on landscape and monastic archaeology."
Members of the public are welcome to view the bust by contacting the School of Arts.