The men's tournament will be held in Australia in 2027, and the women's World Cup will be hosted Down Under two years later.
Australia has not hosted the men's tournament since 2003, when Jonny Wilkinson's last-gasp drop-goal ensured victory for England over the Wallabies in the final.
The USA, meanwhile, will host the competition for the very first time in 2031, with the women's tournament held there in 2033. The next women's World Cup, in 2025, will take place in England.
World Rugby confirmed the news at its annual meeting in Dublin on Thursday, promising to deliver "a golden decade for the sport".
Bill Beaumont, chairman of World Rugby, said: "We have approved three exceptional Rugby World Cup host nations – England, Australia and the USA – providing unprecedented certainty and an unparalleled opportunity to accelerate the growth and impact of rugby globally. It is great for rugby, for fans and for the host nations.
"Today is a landmark moment for the sport, and an exciting development for fans. I would like to congratulate everyone involved in making this dream a reality as we look to deliver a truly global sport for all."
Rugby Australia chairman Hamish McLennan labelled it as "an historic day for rugby in Australia", while USA Rugby chief executive Ross Young said: "I speak for the rugby community and fans across the United States when I express our sincere gratitude to World Rugby for their trust and endorsement of our vision to grow this incredible sport exponentially across our country."
The next men's World Cup will be held in France in 2023, with South Africa the reigning champions following their triumph over England in 2019 in Japan.