The decision to give the World Cup to the bid tabled by Basketball Australia was taken by FIBA's Central Board on Thursday, with both candidates submitting their bids and then giving presentations to the Central Board.
This will be the second time that Basketball Australia will host FIBA's Women's Basketball World Cup, having already done so in 1994.
Hamane Niang, President of FIBA, said: "The Central Board saw two excellent presentations today from two basketball strong National Federations. I would like to congratulate them on their outstanding work and the effort and commitment which has gone into their bids. There can only be one host country for this event, and for 2022 it will be Australia.
"We look forward to the biggest women’s event in basketball taking place in Sydney, and also the 12-month qualification period that will take place to be among the 12 teams playing in Australia."
Andreas Zagklis, FIBA Secretary General, said: "I would like to congratulate Basketball Australia on their successful bid. Australia really is a powerhouse in basketball, with the women coming in second at the previous FIBA Women's Basketball World Cup in 2018.
Sydney will host the event over 10 days in September and October 2022, with 38 games set to be played to determine the world champions.
"This is a tremendous opportunity for the city of Sydney to both promote and take women’s basketball to the next level, said Zagklis.
"We witnessed many successes at the last World Cup, and I am sure that in 2022 we will see even more. We are looking forward to a fruitful cooperation over the next two years in planning for this pinnacle event."
The US are coming off three consecutive World Cup victories, with the American team knocking off Australia in the final of the 2018 tournament, played in Tenerife, Spain.