It will be Giggs's first permanent managerial post and he succeeds fellow former Wales global Chris Coleman, who bowed out after the national side failed to qualify for this year's World Cup finals in Russian Federation and now manages English Championship side Sunderland.
As a player, Giggs chalked up 64 caps for his country between 1991 and 2007, although his commitment to the cause was often questioned due to a penchant for missing friendlies and pulling out of squads.
"I am so proud to have been given the honour of managing the National Team", said Giggs in a FAW statement.
Since parting ways with his beloved Manchester United, where he served as an interim manager following David Moyes' departure, as well as an assistant manager under Louis van Gaal, the Welshman has finally returned to management.
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Wales has handed Ryan Giggs his first coaching job since ending an illustrious playing career.
Giggs' first game in charge will be in the 2018 China Cup against the hosts on 22 March in Nanning.
Giggs said he had spoken to his retired Manchester United boss Alex Ferguson over the weekend, and would have been stupid not to ask one of the greatest of managers for advice.
"Who can forget the Euros?"
But a new manager is due to be appointed before the Uefa Nations League draw takes place in Switzerland on January 24.
Giggs' appointment comes following Chris Coleman's resignation in November, while the 44-year-old was previously linked with managerial vacancies at the likes of Swansea City. Having spent the best part of 18 months out of the game, he admitted that he was "itching" to return but insisted criticism of his appointment could only be answered by building on the efforts of Coleman's side that reached the semi-finals of Euro 2016.