It will join surfing, skateboarding and climbing, which will be retained after debuts at the delayed Tokyo Games in 2021.
However, parkour will not be part of the 2024 event after missing out.
The street sport typically involves running, jumping and climbing over obstacles.
"It's going to be great for breaking as it gives us more recognition as a sport," British breakdancer Karam Singh told BBC Sport.
"And for the Olympics, it will attract young people who may not follow some of the traditional sports."
Squash campaigned unsuccessfully for inclusion in the Paris Games, as did billiard sports and chess.
Breaking blends artistry and athleticism with key elements including top rocks - typically a competitor's introductory dance moves -footwork, power moves and freezes.
Power moves are explosive displays such as spins, while freezes are when a performer sticks a pose.
Competitors - known as b-boys and b-girls - are not only judged on technical skill but also creativity and style, with strength, speed, rhythm and agility all considered.
Last year, the Paris 2024 organising committee had proposed breaking, surfing, skateboarding and climbing for inclusion and were waiting for a final review by the executive board of the International Olympic Committee (IOC).
The IOC has insisted that new events would only be included if they used existing Paris 2024 venues, and priority would be given to those with youth appeal or that would help achieve gender equality.
Games organisers said they wanted to include sports in the programme which were popular with new and younger audiences.
Under new IOC rules first introduced for the Tokyo Games, Olympic host cities can hand-pick sports and propose them for inclusion in those Games if they are popular in that country and add to the Games' appeal.
Cost-cutting measures will see athlete numbers drop from 11,238 at Rio 2016 to under 10,500 by 2024, which will be achieved despite the addition of new disciplines and the removal of only baseball/softball and karate.