Maguire was officially unveiled as the Broncos' head coach on a three-year deal at club headquarters on Tuesday, alongside CEO Dave Donaghy.
He enters the role after being released from his duties with the Blues' State of Origin side.
His appointment also comes just five days after Brisbane sacked club legend Kevin Walters.
Maguire said he enjoyed Origin coaching "immensely" but craved once again being a club coach.
"I am a career coach. I love the daily stuff and my last campaign in the Origin - it was an incredible experience - but I've missed having players around me daily and that's what I've got a lot out of, living as a coach," he said.
Maguire's appointment marks a stunning turnaround for the 2014 premiership winner, who was sacked by the struggling Wests Tigers midway through 2021.
He has since won a Pacific Championships with New Zealand and an Origin series with NSW, before now returning to club land with 2023 grand-finalists Brisbane.
"It did happen quick, but clubs move and circumstances happen," Maguire said.
"I'm extremely hungry to win another competition.
"I just see the opportunities and the ability of what a club like the Broncos can be - (and) you can get pretty close to it."
Michael Maguire poses for a photo with Broncos fans in Brisbane after his coaching appointment. (Russell Freeman/AAP PHOTOS)
Maguire's immediate challenge at Brisbane will be to pull the playing group into line, with questions around their attitude following their defeat in last year's grand final.
The club's drop to 12th place on this year's ladder marked one of the greatest slides in premiership history, despite them having one of the NRL's most star-studded rosters.
Maguire is also bound to face challenges from the Broncos' all-powerful old boys club.
Four years after Anthony Seibold noted their "agendas" on his way out of Brisbane in 2020, it is already clear things will be difficult for another outsider.
Broncos legend Shane Webcke last week questioned why the club would sack Walters. Gorden Tallis also slammed the decision on Monday night.
Kevin Walters was axed after Brisbane's plunge from grand finalists to 12th place. (David Clark/AAP PHOTOS)
"I don't think he (Maguire) is better than Kevin," Tallis said on NRL 360.
"The people who are running the club - Wayne Bennett wasn't good enough but he was good enough for Souths.
"Seibold, who has done a great job at Manly, he wasn't good enough.
"Kevvie wasn't good enough. They keep on moving on coaches. The club is not going to move forward."
Maguire smiled through questions about Brisbane's old boys and said he had a good relationship with Tallis.
His move leaves NSW back at square one, after only appointing him Origin coach last summer.
Maguire had spoken at a luncheon on Friday about his plans for NSW in 2025, but by Saturday morning, he had informed NSWRL chairman Paul Conlon of his interest in the Broncos role.
Spencer Leniu, Michael Maguire and Angus Crichton celebrate the Blues' Origin series triumph. (Dave Hunt/AAP PHOTOS)
A snap board meeting on Monday resolved to release Maguire from his contract.
He becomes the first Blues coach since Terry Fearnley in 1985 to depart the role immediately after winning his first series.
"We wish Michael and his family the very best for the future. NSWRL will commence a recruitment process to appoint a new coach in due course," the NSWRL said in a statement.
Paul McGregor looms as a potential option, while Danny Buderus, John Cartwright and Andrew Johns are among others who have been on the Blues' staff in recent years.
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