The decision was confirmed by the International Cycling Union (UCI) at a meeting in Florence and track cyclists will have the opportunity to compete again at the venue where Great Britain won nine Olympic medals at the 2012 Games.
The five-day competition, which is part of UK Sport's "Gold Event Series", starts on February 24 and will represent the final qualifying stage to earn a place in the 2016 Olympic Games in Rio.
"Winning the bid to host the final track cycling world championships of the next Olympic cycle is important strategically for us," said British Cycling chief executive Ian Drake.
"It's good for the current generation of athletes, but it's also an important tool for inspiring the next generation who will follow in their footsteps.
"The events we've delivered over the last decade in the UK have rightly been regarded as world class.
Iconic venue
"But the delivery of a world championships in this iconic venue will be the biggest task we've taken on to date."
Sports minister Hugh Robertson added: "This is another great coup for British sport and a real legacy from London 2012.
"The capital's velodrome is a stunning, world-leading venue and I am sure the 2016 track world championships will have capacity crowds supporting our best cyclists ahead of the Rio Games."
Britain has hosted the event once before, with Manchester the venue for the track world championships in 2008.
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