Among the veterans were Roy Ashton and Cyril Elliot, who both served during the Second World War. Roy served in Egypt, Italy and Yugoslavia.
This year also had extra poignancy as it coincided with the 40th anniversary of the end of the Falklands War in 1982 and a number of veterans from the conflict were present.
Veterans formed up on Leopold Street, along with members of the army, royal marines, navy cadets and air training corps.
They then marched past the Town Hall, where the lord mayor, plus consort councillor Jackie Satur and Tony Downing took the salute.
They then marched on to the Peace Gardens.
Patricia Davey, chair of the Sheffield and District Joint Council of Ex-Service Associations, said: “What a wonderful day for the veterans of this city to be able to march with pride alongside the young cadets - the veterans of the future.
"We must never forget that those men and women marching through the city centre into the Peace Gardens were the very people to whom we and today’s free world owe their freedom.
"We were proud to have among that number at least one centenarian and at least two who will be within a very short period of time.
"We commemorated those who fought in the Falklands Campaign - everyone the sailors, the soldiers and the airmen - and a number of the men and women from that war were there on parade.
"And we were pleased to be able to commemorate the Platinum Jubilee of our commander-in-chief and fellow veteran her majesty our Queen with a massive three cheers.”
Lord Mayor of Sheffield, Councillor Sioned Mair-Richards, also said: “In these uncertain times we thank our veterans, serving members of the armed forces and our reserves. We also remember, 40 years on, those who were in the Falklands conflict, especially those who lost their lives during the sinking of HMS Sheffield. Our City will not forget their sacrifice.”