Los Angeles has been hailed as the host city of the 2028 #Summer Games as well, CNN reported.
Both campaign teams summarized their bids in presentations at the 131st IOC Session in Lima, Peru, before the IOC voted to formally confirm the announcements.
"Bringing the Olympics back home to LA gives us the chance to imagine what our city will look like a decade from now", said Eric Garcetti, Mayor of Los Angeles.
Paris, with a total Games budget of $8.09 billion, had failed with previous attempts to land the 1992, 2008 and 2012 Olympics.
As part of the Paris presentation Wednesday, French President Emmanuel Macron spoke to the International Olympic Committee members via video link.
The Los Angeles 2028 Games, with a budget of $5.3 billion, will essentially follow the plan they had in place for 2024, including housing athletes at the UCLA campus.
"Its inclusion for Rio was probably the first time a lot of people had seen it but the general interest in the game is growing and the athletes have solidified that with quality games".
Paris played host to the second edition of the modern Olympic Games in 1900, and then staged the even once more in 1924.
"This historic double allocation is a "win-win-win" situation for the city of Paris, the city of Los Angeles and the IOC".
They followed that up with the Games of the 23rd Olympiad, in 1984.
Paris and LA had been the only two candidates for the 2024 Games after Hamburg, Rome and Budapest withdrew from the race. The Parade is celebrating the fact that Los Angeles has officially benn awarded the 2028 Olympics.
"It is hard to understand from the National Hockey League side", Bach said on Friday at the IOC Session in Peru, adding that an agreement would have been "very favourable" for the National Hockey League. "That proves that the United States and Los Angeles in Southern California in particular feel very much part of Olympic and Paralympic movement that other countries around the world show respect for and enthusiasm for", Sykes told Xinhua news agency.
Two other U.S. Olympic host cities, Squaw Valley, Calif. and St. Louis, Mo., also participated in the salute.
Both the 2014 winter Games in Russia's Sochi and the 2016 Rio de Janeiro Olympics were mired in controversy over corruption, embezzlement and doping allegations, dealing a major blow to the reputations of the event and the IOC.