The NBA Board of Governors unanimously approved the move away from the Bobcats moniker, and the team will be able to use its new name in the 2014-15 season.
The Charlotte Hornets were a professional basketball team from 1988 until 2002, when the team moved to New Orleans. Until this year, New Orleans kept the Hornets as mascot.
After long deliberation, the New Orleans team decided to choose a mascot more suitable for its hometown, becoming the New Orleans Pelicans.
In 2004, Charlotte got another NBA team as part of a league expansion. The Hornets name was still taken, so they became the Bobcats. The old Charlotte Hornets had the highest attendance in the NBA for seven consecutive seasons, but the Bobcats have not seen the same success.
Charlotte owner Michael Jordan hopes that the name change will bring more fans to the game. Jordan has pushed to get the Hornets name back since 2010, when he bought the team.
"We're thrilled to bring back the Hornets to Charlotte and the Carolinas," Jordan said.
"The passion and enthusiasm around this name change by fans in this market has been unmatched. They overwhelmingly told us what they wanted, we listened and we couldn't be happier with the Board of Governors' approval of the name change."