First-time Academy Awards producers Craig Zadan and Neil Meron made the announcement Monday.
MacFarlane made his directorial debut earlier this year with "Ted," which took in more than $420 million at the box office. The 38-year-old entertainer also hosted the season opener of "Saturday Night Live" last month.
This is his first time hosting the Academy Awards.
Nominations for the 85th annual Oscars will be announced on Jan. 10 -- nearly a week earlier than typically revealed and coming ahead of the Golden Globe Awards. The Oscars will be presented Feb. 24 at the Dolby Theatre at Hollywood & Highland Center in Los Angeles.
It will be broadcast live on ABC13.