A two-minute silence was observed before the monarch laid a wreath at the Cenotaph in central London.
Events have been held across the UK and abroad, including in Afghanistan.
This year marks the 100th anniversary of the start of World War One, 70 years since the D-Day landings and the end of Britain's conflict in Afghanistan.
Prime Minister David Cameron said the anniversaries made the commemorations "particularly poignant".
Other ceremonies included:
- In Staffordshire, where 2,000 gathered at the National Memorial Arboretum for an outdoor service.
- In Scotland, where First Minister Alex Salmond and Scottish Secretary Alistair Carmichael laid wreaths at St Giles Cathedral in Edinburgh.
- In Northern Ireland, where Northern Ireland Secretary of State Theresa Villiers laid a wreath at the Cenotaph at Belfast City Hall.
- In Wales, where the national service took place at the Welsh National War Memorial in Cardiff.
- In Kandahar, Afghanistan where a service was held with British troops remaining in the country.
Other members of the Royal Family, including the Duke of Edinburgh, Prince Charles and Prince William, joined the Queen in laying wreaths. Mr Cameron, Deputy Prime Minister Nick Clegg and Labour leader Ed Miliband also paid their respectsA remembrance service took place at Kandahar Air Base in Afghanistan Forty-six high commissioners from Commonwealth countries each then laid a wreath before the Irish ambassador to the UK, Dan Mulhall, left a floral tribute.
It is the first time since 1946 that a representative from Ireland has participated in a wreath-laying ceremony in London. Fifty-thousand Irish men died in World War One.
The chiefs of the armed forces, representatives of the UK's different faiths and members of the civilian services also laid wreaths.
As the Queen left the Cenotaph, spontaneous applause spread through the crowds.
By Lauren Turner, BBC News
As one, the thousands of people lining Whitehall bowed their heads the moment Big Ben struck.
All that could be heard at 1100 GMT was the fluttering of leaves on what was a crisp autumn day, and the distant sound of birdsong.
There were veterans wearing medals alongside families in jeans and trainers.
What united them was not just the red poppy pinned on almost every chest, but their reason for being there - to stand together in memory of the nation's war dead.
Intensity and poignancy'
Before the ceremony at the Cenotaph, Scotland Yard said there would be "appropriate and proportionate" policing after four men were arrested on Thursday in west London and High Wycombe over an alleged Islamist terrorism plot on British soil.
Gen Sir Nicholas Houghton, Chief of the Defence Staff, said "the proximity of the sense of threat for this weekend" had "intensified" security levels.
But "we've just got to keep continuing our normal life," he said.
"The last thing that we at all would want to do is succumb to any sense that there is a terrorist threat there that is at all going to stop the British way of life."
By Sarah Campbell, BBC News
From early morning, the public started taking their places along Whitehall, and by the time of the two-minute silence at 11 o'clock the pavements were completely full.
As always, Her Majesty the Queen laid the first wreath on the steps of the Cenotaph. She was followed by the Duke of Edinburgh, himself a veteran of the Second World War.
As the sun shone through the clouds, 10,000 veterans marched past the Cenotaph accompanied by a rousing soundtrack from the Massed Bands.
This year has had an extra poignancy with the centenary of the outbreak of World War One. But the varying ages of the men and women taking part in this service, as well in the crowds looking on, reflects the fact that those who've been killed or injured in much more recent conflicts are equally in people's thoughts.
In Kandahar and the Afghan capital, Kabul, members of the British armed forces stopped operations to commemorate the dead across the generations.
Brigadier James Stopford said: "For those of us serving here in Afghanistan on operations, we remember with enormous pride the terrible sacrifice by our UK armed forces colleagues and those of our coalition partners, and in particular the very brave members of the Afghan security forces.
"Our shared sacrifice has made a significant difference to this country and ours and continues to do so - we will remember them."
Ceremonies of remembrance were also held in Commonwealth countries including India, Sri Lanka and Malta, as well as in Israel.
After dusk falls in London, images of falling poppies are to be projected on to Big Ben, officially known as Parliament's Elizabeth Tower.
On Saturday, the Queen and other members of the Royal Family joined veterans and the public at the Royal British Legion's annual Festival of Remembrance at the Royal Albert Hall in London.
Meanwhile, the National Secular Society has written to the government asking it to review the role of the Church of England at the national ceremony of remembrance, which it argues should be equally inclusive of all citizens, regardless of religion and belief.
The society believes the commemoration should be redesigned to make it an inclusive national event, not led by a single Christian denomination.
And thousands of the ceramic poppies installed at the Tower of London are to tour the UK.
The installation, entitled Blood Swept Lands And Seas Of Red, has been seen by an estimated four million people, but will start being dismantled on Wednesday - though part of it will stay in place until the end of the month ahead of the tour.



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