The athletics event will head to London's Olympic Stadium in 2017. The result came after Doha promised $236m (£146m) including huge TV and sponsor deal and prize fund. London then matched the city's $7.2m (£4.5m) prize kitty ashowcased its 2012 stadium and investment to the judges.
Lord Coe led London's bid, supported by mayor Boris Johnson. Coe said the World Championships would offer "the greatest possible legacy off the back of the Olympics".
The event will boost the capital's corporate hospitality and event industries.
Johnson said: "Despite an excellent challenge from Doha, the London team put together a cracking bid which has paid off with this fantastic news today. With the 2017 championships now in the diary next summer's London Games is just the start of a long and active life for our magnificent stadium. In addition to athletics it will host a variety of sports competitions including football as well as a range of other events from major concerts to community activities. I am absolutely thrilled for London."