The newly promoted side parted company with Neil Warnock at the weekend, after a poor run of form saw them slip down to 17th place in the Premier League table.
Hughes has been out of work since controversially walking away from Fulham in the summer, and is looking forward to starting the next challenge in his managerial career.
“It’s a great feeling to be back in football and to be the manager of QPR,” the coach told Sky Sports.
“I’m fully aware of the challenge in the short and long term and I am genuinely excited about the ambition of the owners.
“Nobody can doubt the history of this great football club and the passion of its fantastically loyal supporters.
“Now the immediate priority is to consolidate our place in the Barclays Premier League, but beyond that, the future is very bright and fills me with great enthusiasm.
“It has all happened quite quickly and I am looking forward to getting to work, and I am now going to the training ground to introduce myself and get ready.
“I am a football person, it is what I do so I am looking forward to it,” he concluded.
Rangers owner Tony Fernandes also spoke of his delight at getting Hughes on board, and feels that the new manager can lead QPR to success.
“Mark has a proven track record in the Premier League, bringing a wealth of experience at both club and international level.
“He has a great passion to achieve as a manager and has already been hugely successful in his career. His ambitions match those of the board and we are delighted to have him at the helm,” the executive told the club’s official website.
Hughes’ first game in charge is a difficult trip to Tyneside to take on Newcastle on Sunday.
By Gareth McKnight