The 45-year-old Frenchman succeeds his compatriot Sabri Lamouchi, who stood down from the job of managing the Ivorians after the World Cup.
Renard’s appointment was confirmed by the Ivorian Football Federation.
His mission is simple, to shed the Elephants of their chokers’ tag and finally secure the continental crown after years of failure despite a talented group of players.
Ivory Coast were beaten by eventual winners Nigeria in the semi-finals of the Africa Cup of Nations last year in South Africa.
Renard will officially start preparing the Ivorians for the 2015 Nations Cup in September.
He returns to Africa after a brief spell with French club Sochaux, demoted at the end of last season from Ligue 1.
Renard won the race to take over Ivory Coast from a shortlist of candidates which included former French international Luis Fernandez.
The post became vacant when Lamouchi quit after his side lost to Greece and failed to make it out of the first round at the World Cup.