The 41-year-old will succeed Germany's Thomas Bach, who is stepping down after 12 years in office.
Coventry was elected in a secret ballot during an IOC session in March, defeating six other candidates.
"This is an extraordinary moment," Coventry said after her election.
"As a nine-year girl, I never thought I would be standing up here one day getting to give back to this incredible movement of ours," she added.
Before joining the IOC, Coventry was one of Africa’s most accomplished athletes.
She competed in five Olympic Games, winning seven medals—two gold, four silver, and one bronze.
At the 2004 Athens Olympics, she claimed three medals, including gold in the 200m backstroke, a title she successfully defended at the 2008 Beijing Games.
(gs)
Source: PAP, CNN, olympics.com