Garfield's credits include last year's Heath Ledger film "The Imaginarium of Doctor Parnassus," the Tom Cruise film "Lions for Lambs," and the upcoming David Fincher Facebook movie, "The Social Network."
The Marvel comics character of Peter Parker is an average youth transformed into a superhero after being bitten by a radioactive spider. The character was played by Tobey Maguire in three previous movies, all directed by Sam Raimi.
The new film will be in 3D, and is directed by Marc Webb, who made the romance "(500) Days of Summer." The as-yet-untitled "Spider-Man" film begins shooting in December and is due in theaters July 3, 2012.
"Though his name may be new to many, those who know this young actor's work understand his extraordinary talents," Webb said. "He has a rare combination of intelligence, wit, and humanity. Mark my words, you will love Andrew Garfield as Peter Parker."
Garfield was born in the United States, but was raised in England.
"In the Spider-Man tradition, we were looking for a smart, sensitive, and cool new Peter Parker who can inspire us and make us laugh, cry, and cheer," said Avi Arad, one of the producers on the "Spider-Man" franchise. "We believe we have found the perfect choice to take on this role and lead us into the future."
The Associated Press contributed to this report