Prince, the former offensive coordinator at Virginia, signed a five-year deal and will begin his duties immediately.
Prince, a Junction City, Kan., native, replaces Bill Snyder, who announced his retirement on Nov. 15. Snyder, 66, spent 17 seasons as head coach of the Wildcats.
Snyder took over the Wildcat program in November 1988. He guided the team to 11 consecutive bowl games until the 2004 season. He was 136-68-1 at the school and is the winningest coach in the history of K-State football.
He also led Kansas State to three Big 12 championship games and entered this season ranked seventh in career winning percentage among active coaches. Kansas State finished 5-6 this season, including a 2-6 mark in Big 12 play.