Lorne Michaels will executive produce "Late Night with Seth Meyers" and Michael Shoemaker will remain with the franchise as producer.
"Late Night with Seth Meyers" will be taped at 30 Rockefeller Plaza in New York.
Meyers' "Late Night" hiring was made public Sunday by Bob Greenblatt, chairman of NBC Entertainment.
"We think Seth is one of the brightest, most insightful comedy writers and performers of his generation. His years at 'Saturday Night Live's' 'Weekend Update' desk, not to mention being head writer of the show for many seasons, helped him hone a topical brand of comedy that is perfect for the 'Late Night' franchise," Greenblatt said in a statement. "On behalf of Steve Burke, Ted Harbert and Paul Telegdy, we couldn't be happier that Seth and Jimmy Fallon will be continuing their careers at NBC after growing up in this network's late night legacy."
"Since 1982, there have been three 'Late Night' hosts starting with David Letterman, and Seth couldn't be in better company," said Michaels.
"I only have to work for Lorne for five more years before I pay him back for the time I totaled his car," said Meyers. "12:30 on NBC has long been incredible real estate. I hope I can do it justice."
Last fall, Meyers returned for his 12th season as am "SNL" cast member, eighth season as head writer and seventh season as "Weekend Update" anchor on "SNL."
Fallon, also a former "SNL" star, will take over for Jay Leno as host of "Tonight" next year.