Attorney-General Mark Dreyfus announced the appointment of Justice Jagot to the High Court on Thursday.
She will take over from Justice Patrick Keane following his retirement and become just the seventh woman appointed to the court.
Mr Dreyfus said her appointment wasn't about her gender, but rather the immense quality she would bring to the role.
"This was an appointment of the best possible person," he told reporters in Canberra.
"The government is very proud of the appointment we are making ... I am certain that she is going to serve with distinction.
"Justice Jagot is an eminent jurist. She brings tremendous experience. She was nominated by very, very many people."
Justice Jagot will take up the new role on October 17.
Prior to the High Court, she served as a judge in the Federal Court and was an additional judge on the ACT Supreme Court and a judge in the NSW Land and Environment Court.
Mr Dreyfus thanked Justice Keane for his nine years of service to the court.
Justice Jagot's appointment was received fondly by the legal community, with Law Council of Australia president Tass Liveris stating representation within the courts should reflect the community being served.
"The Law Council recognises diversity as an essential feature in ensuring a responsive and well-informed judiciary ... over 50 per cent of our profession and population are female," he said.
"For nearly two decades, Justice Jagot has demonstrated her commitment to the rule of law and access to justice in this country.
"She will continue to be a dedicated and respected jurist as she takes up this new role in our nation's highest court."
The other women on the High Court are Chief Justice Susan Kiefel, Michelle Gordon and Jacqueline Gleeson.
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