The 67-year-old, who is currently chairman of Yorkshire and deputy chairman of the ECB, will succeed Giles Clarke in the role following the ECB annual general meeting in May.
Graves??? appointment for a five-year term was announced after the 41 members of the ECB formally approved the constitutional changes proposed by the board earlier this month.
Graves, whose nomination was unopposed, said: ???It is a great honour and a privilege to be elected as ECB chairman and I would like to thank the membership of the ECB for offering me their full support.
???I would also like to express my gratitude to Giles for his outstanding leadership of ECB over the past eight years; a period which has seen unprecedented levels of investment in all areas of the game.
???My immediate priority will be to work closely with our new chief executive officer Tom Harrison, my fellow board members and the rest of the ECB???s senior leadership team to develop a comprehensive new strategy to grow cricket???s appeal still further across more diverse communities in England and Wales.
???With an Ashes series this summer and ECB hosting ICC global events in 2017 and 2019, we have a fantastic opportunity to inspire??more people to play, attend and follow cricket and build on our position as the country???s number one summer sport.???