The Dutch youngster, who does not turn 17 until next month, signed a deal with Red Bull's Junior Team last week after some stunning debut-season performances in Formula Three put him on the radar of the top Formula One teams.
Verstappen has won eight races for the Van Amersfoort Racing team so far this campaign, and it was announced on Monday that he will become the youngest Formula One driver in history as Daniil Kvyat's Toro Rosso team-mate from the start of 2015.
He will follow in the footsteps of his father Jos, who represented the likes of Benetton, Stewart, and Arrows between 1994 and 2003.
Speaking about his promotion, Verstappen could not hide his delight at fulfilling a lifelong ambition.
"Ever since I was seven years old, Formula One has been my career goal, so this is truly a dream come true," he told Toro Rosso's official website.
Verstappen will replace Frenchman Jean-Eric Vergne at Toro Rosso.