They will receive a three per cent wage rise, their first since the NT Labor government implemented its failed four-year pay freeze for public servants.
"This comes as welcome relief for burnt-out teachers at the end of the year," Australian Education Union NT president Michelle Ayres said on Tuesday.
"Teachers can head off on holidays knowing they are finally about to receive their first pay rise in nearly eighteen months and full back pay."
However, Ms Ayres said teachers continued to struggle with the rising cost of living and workloads and deserved more than the deal, which was accepted by 63 per cent of union members who voted.
"The three per cent figure put forth by the government does not come close to the current crushing levels of (inflation)," she said.
"More (also) needs to be done to relieve the overwhelming workload pressures our teachers are under."
NT Public Employment Minister Paul Kirby said the three per cent pay rise recognised the "tremendous work" teachers do.
"We're pleased it's been accepted," he said.
"It also recognises the position of the territory budget, which must be managed carefully."
Mr Kirby thanked teachers for their hard work, along with the union for "bargaining in such good faith over the previous months".
Opposition education spokeswoman Jo Hersey said she was relieved a pay deal had been agreed upon after "six months of failed negotiations".
"But the question still remains how many teachers made the decision to leave over the term three holidays, and will not be in the territory into 2024," she said.
"This has been a long and arduous journey for our teachers and they deserve much better than the treatment they've endured from this Labor government."
Ms Hersey also called on the NT government to tell voters how much the additional wages would cost.
Hundreds of teachers, nurses and other public servants walked off the job in November in protest at the government's previous two per cent pay rise offer.
The unpopular offer was made in October after the NT government backflipped on its four-year pay freeze wages policy.
The pay freeze was introduced in November 2020 in a bid to save more than $400 million amid ongoing territory government deficits and climbing debt.
It was accepted by 57 per cent of employees but became increasingly unpopular as unions attempted to negotiate wage packages without success for their members, leading to multiple protests and industrial action over the past six months.
The union now plans to campaign in 2023 to alleviate workload pressures and bring about an overhaul of education funding.
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