Inter have not won the league title since their historic treble-winning season in 2009-10 and Conte is relishing the task of restoring the club to their former glories.
"For me, it's a new experience, a new chapter in my life, a new challenge. This is what I live for and I'm really excited to begin this new chapter," he told the club's official website.
"Through my work, I'll try to repay all of the trust that the club and directors have placed in me.
"This is a top club, one of the best in Italy and throughout the world – and the desire that the owners have to bring Inter back to where it belongs.
"This is a club that wants to return to being at the highest level in Italy, Europe and throughout the world."
Inter president Steven Zhang, meanwhile, believes that Conte will have an immediate impact on the club as they look to get back to challenging for honours.
"There's confidence and mutual respect between him and the club because he believes in our project. We know his history and his winning mentality.
"Our mission has always been the same: to make this project as successful as possible and to ensure that this club is one of the best in the world."
A dreadful end-of-season run of form saw Inter allow themselves to slip from third in Serie A to fourth, needing to win on the final day to confirm their place in the Champions League after previously holding a commanding lead over the teams below them.
Aside from being leapfrogged by Atalanta, Inter failed to win their final two Champions League group stage matches to allow Tottenham to qualify from the group stages and cause them to drop into the Europa League, where they were beaten by Eintracht Frankfurt in the quarter-finals.