The five-year naming rights deal, the seventh name change since it was named Joe Robbie Stadium in 1987 for the team's founder and long-time owner, was announced at a news conference in Miami.
Other names have been Pro Player Park, Pro Player Stadium and Dolphins Stadium.
The two organizations will team up to bring the Sun Life Rising Star Awards program to South Florida through an annual donation to the Miami Dolphins Foundation.
"In Sun Life, we have also found a partner that embraces our commitment to the community and the importance of giving back to the South Florida region," said Dolphins CEO Mike Dee.
The venue will be the site of Super Bowl XLIV, the fifth time the NFL's biggest game has held its biggest contest each season in Miami.
Wednesday afternoon, the Dolphins announced the franchise has partnered with Sun Life to match every dollar donated to a relief fund for Haiti with a $2 matching contribution and a maximum overall contribution of $300,000.