The 23-time Grand Slam title winner is the subject of the short film, which debuted Sunday night during the MTV Video Music Awards.
The ad begins with a young girl watching Williams play on TV. As the words "For Serena, With Love" fill the screen, Beyoncé begins her voiceover.
"When the world writes her down in history, we'll begin where she started — at love," the singer says.
Beyoncé, 40, continues: "No points, zero score, just love. It's a love that we'll remember through the generations. A love that started a movement. A movement to always love exactly who you are and who you can be."
Other female athletes, along with young girls and women, are also featured in the ad, which includes footage of Williams playing through the years, from the teenage beaded-hair Serena to the now-40-year-old, and a cameo of her daughter Olympia, 4.
Mark Sandten/Bongarts/Getty Serena Williams
The ad continues with Beyoncé saying that Williams has taught the world "to feel like a queen unapologetically. With a crown indefinitely. To cherish every muscle and every curve your body exhibits."
Williams showed us "a movement to always love being a proud, black woman. A parent. A dreamer. A leader," the "Break My Soul" singer says.
"So when we write her down in history, no matter who you are, no matter where you are, we''ll remember what she's shown us. A movement to love you."
British director Jake Nava helmed the "Love Means Everything" ad, which aims to visualize "how Serena changed the game and inspired millions to love who they are and fuel their ambitions," even outside of tennis, the beverage company said.
"Serena's immeasurable impact spans far beyond the court," Kalen Thornton, chief marketing officer at Gatorade, said in a release. "Her unapologetic love for the game, herself, and community, started a movement that inspired millions. As a long-standing member of the Gatorade Family, 'Love Means Everything' celebrates the movement of empowerment and love Serena embodies as she continues to inspire the next generation."
Shaun Botterill/Getty Serena Williams
Earlier this month, the sports and fashion icon announced on the September cover of Vogue that she would begin an "evolution" away from tennis following the U.S. Open.
"It's more like an evolution of Serena," she explained further last week while at the "Conversation with Champions" panel with other tennis stars including sister Venus Williams, and Naomi Osaka, Rafael Nadal and Nick Kyrgios ahead of the tournament.
She continued, "So for me, I feel like a lot of people could relate to that. Sometimes you just have a platform to just talk about what a lot of people can't really put into words or really talk about. Yeah, it's just an evolution.
"I'm excited about the new things that I've been doing and I'm continuing to do," she said.
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She added that she isn't sure if the New York Grand Slam will be her last.
"I mean, I don't know. I think so, but who knows?"
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"Maybe in Australia?" wondered co-moderator Sheinelle Jones of the TODAY show, about the 2023 Australian Open. "Yeah, no. I mean, I don't think so," said Serena.
"You never know," the tennis star added. "I've learned in my career, 'never say never.' So that's important.
Serena is set to play Danka Kovinić, from Montenegro, in the first round of the tournament at 7 p.m. EST Monday night on ESPN.