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."