This will be MacFarlane's first appearance on the Oscar stage.
"We are thrilled to have Seth MacFarlane host the Oscars. His performing skills blend perfectly with our ideas for making the show entertaining and fresh," Zadan and Meron said in a joint statement. "He will be the consummate host, and we are so happy to be working with him."
"It's truly an overwhelming privilege to be asked to host the Oscars," MacFarlane said. "My thoughts upon hearing the news were -- one, I will do my utmost to live up to the high standards set forth by my predecessors, and two, I hope they don't find out I hosted the 'Charlie Sheen Roast.'"
"Seth is unbelievably talented," said Academy of Motion Picture Arts and Sciences President Hawk Koch. "We couldn't be happier with the creative team we've assembled. With Craig, Neil and now Seth, we're off to a great start."
The 85th Academy Awards will be broadcast live Feb. 24 on ABC.
MacFarlane made his feature directorial debut this summer with the box-office hit "Ted." He also co-wrote and produced the film, as well as voiced the title character. An accomplished live performer, MacFarlane has played to sold-out audiences at London's Royal Albert Hall and New York's Carnegie Hall. In 2011, he released his debut album, "Music is Better Than Words," which earned two Grammy nominations. He also has earned 13 Emmy nominations and won two for his work on "Family Guy."