The 193-member UN General Assembly elected Venezuela with 181 votes, Malaysia with 187 votes and Angola with 190 vote and New Zealand with 145 votes.
The 10 non-permanent members of the 15-member Security Council are entitled to have a say on binding UN resolutions applying to other states.
The council was set up by the UN after World War Two with a mandate to maintain international peace and security.
Venezuela won the seat representing Latin America and the Caribbean unopposed.
Venezuelan President Nicolas Maduro says the country's election to the council is a vindication of the policies of former leader Hugo Chavez.
"We have said it a thousand times, our Commander Hugo Chavez repositioned Venezuela as a country of dignity, that is the victor of Hugo Chavez Frias, from his legacy, from his memory," he said.
"It is a backing that really breaks voting records and breaks the record in terms of global support. We should feel happiness and joy in our hearts that Venezuela is a country that is loved, a country that is admired throughout the world.
But the US has been quick to condemn the decision.
"Unfortunately, Venezuela’s conduct at the UN has run counter to the spirit of the UN Charter and its violations of human rights at home are at odds with the Charter’s letter,” said United States ambassador to the United Nations, Samantha Power, in a statement.
Analysts say Venezuela is likely to use its seat on the council to continue the anti-Washington foreign policy of former leader Hugo Chavez.
The daughter of Hugo Chávez and Venezuela's deputy amabassador at the UN, María Gabriela Chávez is set to play a more significant role in international politics as a result.
Meanwhile, Malaysian Foreign Minister Anifah Aman says he hopes winning the seat will help unify his country in the wake of twin tragedies involving Malaysia Airlines flights.
"2014 has been a year of terrible tragedy and heartbreak for Malaysia in the wake of the twin tragedies of MH370 and MH17, Malaysians from all walks of life have come together to stand together and unite behind the nation," he said.
"It is my hope that Malaysia's election to the UNSC will similarly unite all Malaysians."
New Zealand Prime Minister John Key says the win is a victory for small states.
He says there are a number of reasons why New Zealand's campaign for the seat was successful.
"New Zealand is seen as an honest broker. Someone that stands up for what's right. Our history of success on the Council the last time we were there in 1993 and 1994, particularly for the people of Rwanda and Somalia. We were for other members to see and I think it's a great result for a small country."
In the final round of voting for the last seat, Turkey lost with only 60 votes.
Turkey’s foreign minister Mevlut Cavusoglu conceded defeat.
“There may be some countries disturbed by our principled stance, and there have always been those, who, after some time, confess that Turkey’s position was right," news agency Anodolu quoted Minister Causoglu as saying. "So, we could not abandon our principles for the sake of getting more votes.”
The elected countries will hold the position for two years from January 1, 2015.
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