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It has been chosen as the opening movie of the Berlin Film Festival in February.
Wong is listed number 3 on the top ten directors of modern times by the British Film Institute.
The film has opened to rave reviews with the Wall Street Journal saying “Wong Kar Wai scores with The Grandmaster”, Variety says the film “exceeds expectations”.
The action film from direcflashtor Wong Kar-wai follows the inspiring story of how noted Chinese kung fu master Yip Man settled disputes in martial arts circles and created his own kung fu school.
Wong spent about 10 years shooting the film, making it the most time-consuming production in Chinese film history.
The director is an international film festival favourite and has won several international awards including best director at Cannes, a first for an Asia film director.
The film will hit cinemas worldwide, but a detailed schedule is not yet available.
Wong, 54, is best known for his films “Chungking Express” (1994) and “In the Mood for Love” (2000).
He will head the jury of the Berlin International Film Festival in February.
With inputs from Agencies