The state will stage the international sports event in four years time, the Commonwealth Games Federation has confirmed.
"The Commonwealth Games Federation is absolutely delighted to award the 2026 Commonwealth Games to Victoria," president Dame Louise Martin said in a statement to UK's PA Media.
"Commonwealth Games Australia and the Victorian Government have set out a bold and innovative vision that provides an exciting new blueprint for hosting our major multi-sport event."
It is the first time the Commonwealth Games have been awarded to a state or region in its 92-year history, usually announcing the events to a city instead.
Hosting rights for the 2026 event hit the market after the English midlands city of Birmingham replaced South Africa's Durban as host of the 2022 Games, to be held from July 28 to August 8.
With no other bidders, Victoria was considered a strong favourite to secure the event after the state government entered exclusive negotiations with the Games' governing body in February.
The Victorian government flagged its intention to hold most events in regional Victoria if successful.
The Games last came to Victoria in 2006, when Melbourne played host. It is the sixth time the event has been held in Australia, most recently on the Gold Coast in 2018.
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