The heartfelt clip features an extreme close-up of Levine as he sings about missing Feldstein, who died of a pulmonary embolism at age 40 in December 2017.
"Here’s to the ones that we got/Cheers to the wish you were here but you’re not/‘Cause the drinks bring back all the memories/Of everything we’ve been through," croons Levine.
A dedication reading "For Jordi" flashes across the screen near the video's end.
Levine, 40, and Feldstein were childhood friends who conquered the music world together. Feldstein was the founder and CEO of Career Artist Management and managed Maroon 5 following the band's inception.
On Tuesday, Levine and bandmate James Valentine performed "Memories" on "The Howard Stern Show," where Levine opened up about the emotions behind the song.
"This is all still really raw. So it's hard for me to kind of elaborate on," revealed the former "Voice" coach. He explained that he "needed" to write the song to express how difficult it was to lose Feldstein, whom he loved "like a brother."
Though "Memories" is personal for him, Levine said he hoped the song would inspire listeners to celebrate the loved ones they've lost, too.
"All of us have had loss," said the rocker.
Watch Maroon 5 honor their late manager in the video above.