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The star-studded event at Leicester Square marked their first public event together alongside their husbands, Prince Harry and Jay-Z.
Before taking a seat to watch the live-action remake in which Beyoncé plays the role of Nala, the Duchess of Sussex chatted away to the songstress about family life.
According to royal reporter Emily Andrews, Beyonce greeted Meghan as “my princess” before the duo embraced in a friendly hug which suggested “they’ve all met before”.
Andrews added that Beyoncé cooed over the couple’s two-month-old son, Archie, before revealing: “We love you guys”.
The mother-of-three also revealed Jay-Z’s parenting advice for Prince Harry, telling him: “The best advice I can give you, always find some time for yourself.”
Unsurprisingly, fans from across the globe kept refreshing their social media feed to catch a glimpse of the two ‘queens’ - and were not left disappointed.
“Yes, I’m screaming at the computer. Beyoncé and Meghan hugging, look at our queens embracing one and other!,” one tweeted.
“I want someone to hug me like Beyoncé hugged Meghan,” a second joked.
Click below to see the best dressed celebrities at the star-studded premiere:
While another added: “Seeing Beyoncé and the Meghan Markle together, embracing one another, for some reason, is just so beautiful to see.”
For her first post-baby red carpet event, the Duchess of Sussex dressed in a £3,454 black satin dress with sheer sleeves by Jason Wu - which is surprisingly still available to shop.
A £1,680 Gucci clutch and matching shoes completed the headline-worthy ensemble.