The event was attended by the last surviving firefighters and ambulance men who rallied to the rescue that night - pictured, front row - as well as emergency crews today.
Scottish Fire and Rescue Service station commander in Oban, Rob Taylor, said it was "a huge privilege and honour" to have them all together to commemorate the tragedy.
Ten tourists perished in the fire, but many more were saved, thanks to the efforts of the public and the area's voluntary and emergency services.
Watch commander Dougie MacLean said: "Thank you very much for joining us to remember probably the worst tragedy there has been in Oban."
Father James MacNeil, priest at St Columba's Cathedral, Oban, gave the address, published in full on our letters page in this week's edition.
An ambulanceman on duty during the fire in 1973, Eric Turner said: "It was a horrendous night. Something I will never forget. We hope it never, ever happens again."
On the day of the anniversary, Scotland's First Minister Humza Yousaf told The Oban Times: "I would like to pay tribute to the Scottish Fire and Rescue Service and all of our emergency services who in the face of danger run towards that danger, when all the rest of us run away from it.
"I know, even 50 years on, such a disaster will still be rocking communities to this day. So my thoughts are still with the communities and families as they undoubtedly still grieve."
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