Creative director Demna Gvasalia dressed models in yellow and pink bathrobe-like coats, loose black trouser suits and embellished evening gowns. There were also voluminous satin coats and more casual looks made up of jumpers, jeans and jackets.
The designer said he had looked to the label's Spanish founder, Cristobal Balenciaga, for inspiration, showing egg-shaped silhouettes, a draped polka dot dress in chiffon and a shantung coat embroidered with faux fur.
Accessories included large flying saucer-like hats, visor sunglasses and long gloves.
"I see it as my creative obligation to the unique heritage of M. Balenciaga to bring the couture back to his house," Gvasalia said in show notes.
"It is the very foundation of this century-old maison."
Cristobal Balenciaga, recognised as one of the top couturiers in the fashion industry, closed his Paris-based atelier in 1968. He died four years later.
The label reopened in the 1980s but without couture.
Guests at Wednesday's show, held inside Cristobal Balenciaga's atelier, included model Bella Hadid; rappers Kanye West and Lil Baby; and actor Salma Hayek, wife of Francois-Henri Pinault, chairman and CEO of Kering (PRTP.PA), Balenciaga's parent company.
Paris Haute Couture week, which runs until Thursday, has seen a return to live fashion shows as lockdown restrictions ease in France.
Labels are also streaming their presentations for the journalists, buyers and fashionistas who cannot attend in person.