Tom Staggs, chairman of Walt Disney Parks and Resorts, made the much-anticipated announcement during a dedication ceremony Friday morning.
The family-style coaster completes the New Fantasyland area of the park, the largest expansion in the Magic Kingdom's 43-year history.
"Seven Dwarfs Mine Train is both literally and figuratively the centerpiece of New Fantasyland, so we knew it had to be something special," Staggs said. "The attraction appeals to everyone in the family and provides just the right blend of heart, humor, and thrill while keeping with the charm of this special land."
The attraction, inspired by Disney's "Snow White and the Seven Dwarfs" animated film classic, will immerse riders in the lovable world of Sleepy, Doc, Grumpy, Bashful, Sneezy, Happy and Dopey, all of whom joined Staggs for the announcement.
The attraction, Disney officials said, also features an innovative new ride system that allows the mine train's cars to pivot back and forth during the ride's twists, turns, hills and drops.
Other attractions in New Fantasyland include Under the Sea - Journey of the Little Mermaid; Enchanted Tales with Belle; Dumbo the Flying Elephant; and the Beast's Castle, featuring the Be Our Guest restaurant.