It was rumoured that he had left the role with Torino in order to take over from Conte and Italy confirmed the news on Twitter on Tuesday.
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Ventura will replace Conte, 48, who heads for English Premier League giants Chelsea next season, after the European Championships in France from June 10-July 10.
Conte was appointed following the failed 2014 World Cup campaign, and heads to Chelsea following a period which saw him at loggerheads with Italian league clubs and a hard time for the national team.
Ventura, who has signed a two year deal, has a less impressive coaching CV in his three decades as a manager.
The clubs he has coached include Sampdoria, Lecce, Cagliari, Venezia, Pisa, Bari, Verona, Messina, Udinese and Spezia.
Italy kick-off their 2018 World Cup qualifying campaign with a trip to Israel on September 5.
His most recent job was at Serie A side Torino, where he has been the manager for the last five years, however he terminated his contract in May.
Ventura has enjoyed a long, steady coaching career in Italy although, apart from one season at Napoli, he has never worked at any of the biggest clubs such as Inter Milan, AC Milan or Juventus.
Both Italy’s under-17 and under-19 selections reached their respective European Championships this summer and Ventura said he would tap into that talent to reform the national team.
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Italy take on Belgium in their tournament opener on June 13, before matches against Sweden and Ireland in what promises to be a tough Group E.
