Bryant, a five-time NBA champion who played in 18 all-star games, was killed along with his daughter Gianna and seven others in a helicopter crash in Los Angeles.
The two sides paid tribute to the Bryants – with James' team all sporting Gianna's number two and Antetokounmpo's the number 24 – while Magic Johnson oversaw an eight-second silence before tip-off at the United Centre in Chicago.
The players also sported a patch with nine stars, a reference to all the victims of the tragedy on January 26.
Kawhi Leonard top scored for Team LeBron with 30 points while James himself added 23, but it was left to Anthony Davis to seal the victory as he sunk the winning free throw.
Leonard, who plays for the Los Angeles Clippers, took the Kobe Bryant All-Star MVP award.
Antetokounmpo scored 25 for his side, while Kemba Walker added 23 and Joel Embiid 22.