The decision was made at the first UCI Management Committe meeting for 2016, which was held at the site of the UCI Cyclo-cross World Championships in Zolder, Belgium.
It will be the third time Austria has hosted the event, after Villach in 1987 and Salzburg in 2006.
"I have no doubt that Innsbruck will provide a stunning and challenging route for riders to compete on, as well as a wonderful, unique backdrop that can only add to the spectator and viewer experience," UCI president Brian Cookson said.
Given its position in the Alps, a course favouring the climbers can be expected for the 2018 Road World Championships.
This year's event takes place in Doha, Qatar in October.
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