The new boat arrived in Seahouses on Monday and was officially handed over to the crew on Thursday.
The £29,000 vessel replaces the station’s existing D-class vessel Martin, John and Ann, which has been in operation for 10 years.
It has improved speed and manoeuvrability and will enable the crew to carry out rescues faster.
It is part of the RNLI’s programme of upgrading its fleet in this area and follows a similar lifeboat being delivered to Berwick station last year.
Craster RNLI is due to receive a new boat this year and Amble will get one in due course.
The lifeboat was donated in memory of Peter Downes, of Sutton Coldfield, who died following a diving accident in the English Channel in 2002.
His widow Carolyn McLaughlin, who has now remarried, felt something positive should come out of her husband’s death and, with the help of Peter’s brother Michael, started to raise money for the RNLI.
She chose Seahouses because Peter had been on diving trips there.
Seahouses RNLI lifeboat operations manager Ian Clayton said: “The new boat is state-of-the-art in terms of technology.
“It’s five or six knots faster than the old boat which means it will get to incidents that much quicker.
“For example, if it was going to an incident at Holy Island causeway, it would take five or six minutes off the journey time.”
The new lifeboat has hi-tech navigational equipment.
The Global Positioning System is built into the lifeboat and enables crews to find locations with pinpoint accuracy.
This will also help other emergency services, such as the RAF Boulmer Search and Rescue helicopter, reach a casualty if required.
The new boat was built at Cowes on the Isle of Wight and then taken to the charity’s divisional base at Stockton-on-Tees before being transported to Seahouses.
The crew was fully trained on how to operate the new lifeboat before it was handed over.
Mr Clayton said the inshore lifeboat is essential to the station. Last year it was called out almost twice as much as the all-weather lifeboat Grace Darling.
Mr Clayton said: “The inshore D-class lifeboats are known as the workhorses of the RNLI because of the work they do.
“Their design means that it can operate in shallow water close into the coast which is ideal for waters around Seahouses.
“It is able to rescue divers, wind surfers in difficulty or small boats broken down and can also work alongside the big boat.”
He said in some circumstances the inshore lifeboat can be used to pass a tow from the big boat to a stricken vessel.
He added: “With the thousands of visitors we have every year going to the Farne Islands, this is a key station.
“It’s important that a station is here if there was a mishap that rescue resources can get to the scene quickly.”
The old inshore lifeboat was donated to the station by the Lewis family from Edinburgh.
It will now go to the charity’s reserve fleet to act as a stand-by for other stations.