Onlookers who crowded the sidewalks along Sunday's parade route were nearly all wearing yellow shirts, a colour closely associated with the monarchy.
The coronation of 66-year-old King Maha Vajiralongkorn Bodindradebayavarangkun kicked off on Saturday, more than two years after he ascended the throne following the death of his father King Bhumibol Adulyadej, who was widely beloved and revered.
It is not yet clear how many people will qualify for the pardons.
Thailand's Junta leader Prayut Chan-o-cha also attended the ceremony, CNN reported. He granted an audience for royal family members and dignitaries in the Grand Palace after he officially rising to the kingdom's throne.
The king, who will also be known as Rama X, is the 10th in the Chakri dynasty, which has reigned since 1782.
The king was joined by new Queen Suthida after a surprise announcement three days before the coronation that the thrice-divorced monarch had married for a fourth time.
After concluding his visit to the Temple of the Reclining Buddha, also known as Wat Pho, the "Royal Procession on Land" travelled 1.5 km back to the Grand Palace, and the king's palanquin passed through a gate at 11:40 p.m., approximately six-and-a-half hours after the journey began.
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King Vajiralongkorn of Thailand sat on a golden throne under a nine-tiered umbrella yesterday on the first day of his coronation, placing the 16lb Great Crown of Victory on his head.
The King also granted full royal title to Queen Suthida, whom he just named Queen this Wednesday before the coronation ceremony.
The chief Brahmin priest presents His Majesty King Maha Vajiralongkorn with one of the many items of investiture including the royal golden plaque upon which is inscribed his royal official title, together with the royal seal of state, the royal regalia, the royal utensils, and the weapons of sovereignty. "Long live the King", well-wishers chanted, waving yellow flags as they watched the procession with His Majesty arrayed in gold on the palanquin.
As an only son, he was destined to rule from the moment he entered the world and was born in 1952, a time when Thailand's constitutional monarchy flourished, under his father. "I invite everyone here and all Thai people to share my determination and work together, each according to his status and duty, with the nation's prosperity and the people's happiness as the ultimate goals", he said.
The king's marriage to Suthida is a "way of further legitimising" his reign, said Paul Chambers, political analyst at Thailand's Naresuan University.
The elaborate ceremonies estimated to cost up to $31 million are a blend of Buddhist and Hindu rites, in accordance with Thailand's Buddhist traditions and a belief that Thai kings are reincarnations of Vishnu, a Hindu god.
When the election took place in March, its results were uncertain. King Vajiralongkorn put the crown on his head himself with the help of court officials, and adjusted it several times during the ceremony.