The film is to begin production in early December, directed by Marc Webb from a screenplay by James Vanderbilt. It is set for release in 3D July 3, 2012.
Laura Ziskin and Avi Arad will produce the film from Columbia Pictures and Marvel Studios.
The three previous "Spider-Man" movies starring Tobey Maguire, now 35, have collectively grossed more than $2.5 billion at the worldwide box office.
"Though his name may be new to many, those who know this young actor's work understand his extraordinary talents," Webb said. "He has a rare combination of intelligence, wit, and humanity. Mark my words, you will love Andrew Garfield as Peter Parker."
Amy Pascal, co-chairman of Sony Pictures Entertainment, and Matt Tolmach, president of Columbia Pictures, said in a joint statement the role requires an actor "who will depict the vulnerability of youth and the strength and confidence of a legendary figure at the same moment. We have found that actor in Andrew Garfield."
Garfield, 26, was born in Los Angeles and raised in England. He most recently worked with director David Fincher on the upcoming film "The Social Network."
His other screen credits include "The Imaginarium of Dr Parnassus," "Lions For Lambs" and "Boy A."