The 56-year-old suffered serious injuries in the 515 km/h crash in 2006, while driving the jet-powered Vampire dragster during filming for the BBC motoring show at the former RAF Elvington airbase near York.
In a post on Instagram, Hammond said: "20 years ago today, I came to an abrupt stop upside down in a Yorkshire field, convinced I was about to die.
"A front tyre had blown on the jet-powered dragster I had been driving at over 300mph.
"I had pulled the lever to release the parachute and done my best to steer the car away from disaster, but disaster was, it seemed, my fate and having done everything I could do avert it, I gave myself over to that fate."
Hammond went on to say that he "didn't scream" during the incident and said it "wasn't frightening", adding that "it simply occurred to me that the next thing on my to do list was to die".
"I am only here today to note this anniversary and write these words because of the work of the many people involved in rescuing me from the shattered car, flying me to hospital and treating me there," he said.
Hammond went on to name members of the Air Ambulance and aftercare teams who helped him, saying he will be "forever grateful" to them.
"I have had so many lucky career breaks, so many amazing adventures around the world and am father to the two happiest, kindest, most wonderfully talented and loving daughters," he said.
"But I would have seen none of them if these people hadn't turned up to work that day and done their job.
"Thank you all from the bottom of my heart."
After leaving Top Gear with co-hosts Jeremy Clarkson and James May in 2015, Hammond reunited with them for Prime Video's The Grand Tour, which they presented until 2024.
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