The new administration will be sworn in at 10:30 GMT Saturday, and will face confidence votes from Monday to confirm it has the required majority in parliament.
The coalition of PM Matteo Renzi's centre-left Democratic Party and centrist parties including the New Centre Right led by Angelino Alfano is the same one that backed the administration of Enrico Letta, ousted last week by Matteo Renzi in a PD party coup.
Among those re-appointed to their posts were Health Minister Beatrice Lorenzin and Infrastructure Minister Maurizio Lupi. The post of integration minister, formerly held by Italy's first black minister Cecile Kyenge, was not renewed.
Here are the key ministers named by Matteo Renzi:
ECONOMY MINISTER: PIER CARLO PADOAN
The Chief Economist of the OECD Pier Carlo Padoan was named to replace central banker Fabrizio Saccomanni.
With little experience in politics, Padoan is a respected former International Monetary Fund official who will be the fourth technocrat in a row at the ministry, a contact point with the European Central Bank and European Union partners.
INTERIOR MINISTER: ANGELINO ALFANO
The 43-year-old head of the NCD and former protege of Silvio Berlusconi retained his position as interior minister but will no longer be deputy prime minister as he was under Letta.
His party's votes are essential for the survival of Matteo Renzi's government and a breakdown in relations between the centre-right party and the centre-left PD could trigger elections.
FOREIGN MINISTER: FEDERICA MOGHERINI
The PD's governing committee member in charge of foreign affairs, Mogherini, 40, is the second woman in a row to be foreign minister after outgoing Emma Bonino. Elected to parliament in 2008, she previously represented Italy at the NATO Parliamentary Assembly.
JUSTICE MINISTER: ANDREA ORLANDO
A surprise appointment, Orlando was environment minister under Letta and was first elected as a PD deputy in 2006. He replaces Anna Maria Cancellieri.
DEFENCE MINISTER: ROBERTA PINOTTI
The first woman to hold the job, 52-year-old PD Senator Pinotti was an undersecretary at the Defence Ministry before being picked to replace Mario Mauro in the top job.
Federica Guidi, 44, chief executive of electronics company Ducati Energia, was named industry minister while head of business cooperative Legacoop Giuliano Poletti, 62, was picked as labour minister.
Senior PD member Dario Franceschini, 55, was named culture minister despite a last-minute social media campaign to keep outgoing minister Massimo Bray.