It was in the 1950s in Redcliffe, north of Brisbane, that the three brothers - Barry, Robin and Maurice - performed for the first time under the name which became famous worldwide.
On Thursday afternoon Barry unveiled a bronze statue depicting the brothers as boys aged nine to 12 - the ages they were when they lived in Redcliffe.
The statue marks the start of Bee Gees Way, a walkway dotted with photos, anecdotes and other items donated by the musician.
Barry arrived in Brisbane on Tuesday with his sister Lesley Evans and mother Barbara.
Mrs Evans remembers watching her brothers perform at the speedway in Redcliffe.
"They'd sing and people would throw money at them," she told the Redcliffe Herald.
Moreton Bay Regional Council Mayor Allan Sutherland says the brothers signed their first music contract in 1958 after performing at the speedway.
He told 4BH the local community was excited about Barry's return to the town.
The unveiling of the tribute has been timed to coincide with his Mythology concert tour of Australia and New Zealand.
Maurice Gibb died in 2003 while his twin, Robin, died last year.
Bee Gees Way runs between Redcliffe Parade and Sutton Street, Redcliffe.
Last month, a piece of Bee Gees' history went up in smoke when a fire gutted a house where the brothers once lived.