The school's board of trustees approved the policy Saturday.
Students who self-identify as men can enroll at the all-male school, beginning in the fall of 2020.
Transgender women will not be allowed, and anyone who transitions or begins to self-identify as female during their time at Morehouse will not be eligible to get a degree from the college.
Morehouse is the only all-male historically black college in the U.S.
Famous alumni from the university include Martin Luther King Jr. and Spike Lee.
The move comes after Spelman College, a private historically black all-women's school in Atlanta, adopted a similar gender identity policy in 2017.