The wedding will take place at St George's Chapel in the grounds of Windsor Castle in May, the announcement revealed.
The location is a place "close to the couple's hearts" according to a palace spokesperson, who said Meghan and Harry had "regularly spent time" at the castle over their 18-month relationship.
"They are grateful to the Queen for granting permission for the use of the chapel," he said. "Prince Harry and Ms Markle are delighted that the beautiful grounds of Windsor Castle will be where they begin their lives together as a married couple."
The couple are "working through ideas" for the celebration but want it to be filled with "fun and joy," the spokesperson said.
"This wedding, like all weddings, will be a moment of fun and joy that will reflect the characters of the bride and groom," he said.
"Prince Harry and Ms Markle are leading the planning process for all aspects of the wedding. We look forward to sharing these details with you in the months ahead as decisions are made," the spokesman said.
The announcement also revealed that the Royal Family would be paying for the ceremony, though there was no indication if the event would be televised as Prince William and Kate Middleton's was.
Stay tuned for more details!