The advert is to mark The John Lewis Partnership relaunching its brands as John Lewis & Partners and Waitrose & Partners.
As well as its Queen tribute, the ad also unveils the company’s new visual branding.
It is the first time both John Lewis and Waitrose have ever launched a joint marketing campaign.
It begins with a primary school orchestra playing out of tune before they burst into life and perform Queen's song Bohemian Rhapsody.
Pupils impersonating Queen members Brian May, Freddie Mercury, John Deacon and Roger Taylor then rise out of meteor craters or arrive on spaceships as the song reaches its final famous crescendo.
It ends with the phrase: "When you're part of it, you put your heart into it."