The ad moves from the turn of the last century, through the 20s, World War Two and the flower power era, finishing at a modern rock gig.
The ad is backed by a remixed version of The Who's My Generation, which subtly changes to reflect the ages shown in the spot.
The ad, which has 30- and 60-second executions, broke in the US on Saturday.
Promote Pepsi of the choice of the younger generation
Brett Craig/Joe Shands
Melissa Pipeling/Michelle Lewis