The multi-billion dollar contract is a major step in the National Aeronautics and Space Administration's space exploration ambitions.
NASA wants the Orion capsule to be ready for its first manned flight by 2014, four years after the US space agency retires its aging fleet of three space shuttles.
The new generation spaceship is intended to carry four astronauts on a moon mission by 2020 and eventually to Mars.
The capsule will also be able take astronauts and cargo to the International Space Station (ISS), which NASA hopes to finish building with 16 shuttle missions over the next four years and is considered crucial to space exploration ambitions.
Lockheed Martin beat out a group that included Northrop Grumman and Boeing.
The initial contract for the design, development, testing and evaluation of the Orion capsule is worth $US3.9 billion ($A5.12 billion). The addition of more vehicles could add up to $US3.5 billion ($A4.6 billion) to the deal if NASA exercises all options.
NASA decided to retire its Atlantis, Discovery and Endeavour shuttles by 2010 to pursue President George W Bush's vision for space exploration outlined a year after the 2003 Columbia shuttle tragedy.
The winged shuttle is designed only for low Earth orbit missions.
The space agency hopes to complete construction of the half finished ISS with 16 shuttle missions over four years, starting with the launch of the Atlantis planned for September 6 following three postponements due to the weather this week.
It will be the first ISS construction mission in nearly four years, as the last two shuttle flights focused on improving flight safety following the Columbia disaster.