SPN, owned by Sony Corp, was awarded the rights across all media platforms and will also broadcast the Winter Youth Olympic Games in Lausanne next year.
The Pyeongchang Winter Games were not broadcast on television channels in India and were only available on the IOC's own Olympic channel and digital platforms.
India's huge market is a major draw for sponsors and advertisers.
"As a dynamic sports and media market, India and the subcontinent is an important strategic region for Olympic broadcasting," IOC President Thomas Bach said in a statement.
"The IOC is pleased to be working with Sony Pictures Networks India to collaborate together to bring the best coverage of Tokyo 2020 and the Youth Olympic Games to fans across the region..."
The IOC and SPN will also work together to create a permanent Olympic channel on Sony's digital platform SonyLIV.
Besides broadcasting the NBA in India, SPN also had the rights for the 2018 FIFA World Cup in Russia.
They broadcast the Champions League, Spain's La Liga and Italy's Serie A while also owning cricket rights including Australia, England and South Africa.
"The Olympic Games is the largest and most prestigious international sports competition in the world with over 200 countries participating," SPN Chief Executive N.P. Singh said.
"The addition of the Olympic Games Tokyo 2020 broadcast and digital rights complements our portfolio of International sports events and properties."
(Reporting by Sudipto Ganguly; editing by Toby Davis)
