Pitino, who served for three years as an assistant coach under his father, replaces the fired Isiah Thomas, who guided the Golden Panthers to an 8-21 record this past season.
"Richard Pitino is one of the top young coaching talents in the nation," FIU Director of Sports and Entertainment Pete Garcia said.
Citing his prior experience at Louisville, Florida and Providence, Garcia said Pitino "will be invaluable toward our growth. He has had tremendous success with every team he has been associated with during his coaching career."
The Cardinals racked up an 88-25 record and reached last month's NCAA national title game during Pitino's tenure as an assistant coach.
The elder Pitino said he was "delighted for Richard. He has done great things for us here at Louisville. He has had a big impact on our program. Personally, I am going to miss him. Professionally, we are going to miss having him on our bench."
Exploding whale video goes viral on Internet
'SNL': 'Anchorman 2' cast, One Direction sing 'Afternoon Delight' [VIDEO]