Four other potential hosts earlier dropped out of the race with concerns over the size and cost of the event.
Italy's Milan and Cortina d'Ampezzo will host the 2026 Winter Olympic Games after a vote by the International Olympic Committee in Monday.
Milan beat Stockholm for the right to host the Games in seven years' time.
Four other hosts — Swiss city Sion, Japan's Sapporo, Austria's Graz and 1988 hosts Calgary in Canada — earlier dropped out of the race with concerns over the size and cost of the event.
"Italy, the future and sport have won," Italy's Deputy Prime Minister Matteo Salvini said. "Thanks to those who believed in it right away."
He added: "There will be at least five billion (euros) in added value, 20,000 jobs, as well as many new roads and sports facilities. With the Winter Olympics we will confirm our excellence and our skills to the world."
Italy last hosted the winter Olympics in 2006 in Turin while Cortina hosted the winter Games back in 1956.
The Italian bid gained an advantage after a recent evaluation report by the IOC showed much stronger local support for the Olympics at over 80 percent among the population, compared to just over 50 percent for the Stockholm-Are bid.