The bid was wholly unsuccessful, with England exiting in the first round after gaining just two votes out of a possible 22.
The report, which was released by the culture, sport and media committee, claims Fifa have swept corruption allegations "under the carpet" since Russia won the right to host the 2018 World Cup.
As well as hitting out at Fifa, the report claimed England had not learned from their failed bid to host the 2006 World Cup.
The report said: "England's bid team appears to have lacked a number of the components of a successful bid.
"Lessons did not appear to have been learned from previous studies with regard to the composition and unity of the bid team, and the messages it needed to project.
"More fundamentally, it appears that the groundwork for a successful bid had not been laid effectively with football's international bodies.
"Instead, Fifa has given every impression of wishing to sweep all allegations of misconduct under the carpet and of dismissing anyone bringing allegations to them with an approach bordering on contempt."
Lord David Triesman, the former chairman of the Football Association and the head of England's 2018 bid, accused four Fifa members of corruption after the vote for the World Cup had taken place.
The report said it was “frustrating and disappointing” he had not make known of the corruption earlier, and also blasted Fifa's "extraordinary" decision to drop the bribery investigation following the resignation of vice-president Jack Warner.
"It suggests that nothing has changed," the report concluded.
"As a first step towards restoring confidence we call upon Fifa to publish the ethics committee report."
Committee chairman John Whittingdale said: "Fifa's governance and its process for awarding competitions [are] in need of fundamental reform.”
An FA spokesman added: "The FA notes the publication of the select committee's report into the 2018 World Cup bid and Fifa and will review the findings and recommendations in due course."