The New York designer, who is also the creative director for Balenciaga, will create a collection consisting of menswear, womenswear and accessories for the high street giant.
Wang announced the news via his official Instagram page yesterday (April 13).
Vogue.com quotes the talented designer as saying: "I am honoured to be a part of H&M's designer collaborations. The work with their team is an exciting, fun process. They are very open to pushing boundaries and to set a platform for creativity. This will be a great way for a wider audience to experience elements of the Alexander Wang brand and lifestyle."
H&M's creative advisor Margareta van den Bosch commented: "Alexander Wang is one of the most important voices in fashion today. He understands exactly what people want to wear and does it with an energy and passion that's infectious. It feels incredible to be collaborating with him this year."
French designer Isabel Marant was the last designer collaborator for H&M, releasing her collection in November 2013.
Karl Lagerfeld, Versace, Stella McCartney, Matthew Williamson, Lanvin and Marni are among the top designers to have created collections for the high-street brand.
Wang's H&M collection will be unveiled on November 6.