The games will still be called Tokyo 2020, despite no longer being held this year due to the coronavirus pandemic.
IOC president Thomas Bach said: “I am confident that, working together with the Tokyo 2020 Organising Committee, the Tokyo Metropolitan Government, the Japanese Government and all our stakeholders, we can master this unprecedented challenge.
“Humankind currently finds itself in a dark tunnel. These Olympic Games Tokyo 2020 can be a light at the end of this tunnel.”
Take a look back at some of the incredible photographs from summer Olympic Games in the last 20 years: