Scotland's largest city discovered it had won its bid at a ceremony held in Colombo, Sri Lanka, on Friday.
The games will be relatively inexpensive - estimated to be around £300M - as Glasgow has much of the critical infrastructure in-place. A new velodrome and athelete's village will need to be built, however.
The Games will run for 12 days from July 23 to August 4, 2014. Commonwealth Games Federation President, Mike Fennell said, "Glasgow put forward a very strong, very professional bid for the Games and they were always going to be hard to beat.
"It was evident from the presentation that we received today that Glasgow will be passionate about welcoming the Commonwealth in 2014, and the people of the city and all of Scotland will get right behind the athletes and make the Games an outstanding success," he said.
Derek Elder, Scottish National Manager for the ICE said, "The decision means that the serious business of preparing for the Games and the regeneration of the East end of Glasgow can begin in earnest.
"I hope that all of Scotland's construction companies get their chance to compete for work on Games projects.
"Scotland's engineers, architects and surveyors are a highly skilled and experienced group of professionals who work on prestige projects all over the world. Let's give them their opportunity right here in Scotland."
"I worked on the Glasgow Eastern Area Renewal scheme as far back as the 1970s. Urban regeneration is a process, not an event. I’m sure that what’s left when the games have gone will be a much better environment with much better facilities for the people of Glasgow to use and enjoy."
Scotland's First Minister, Alex Salmond said, "Today's announcement is the culmination of years of hard work and I want to congratulate everyone involved in this Bid process.
"The enthusiasm and excitement shown by people across the country did not go unnoticed. It's up to us all now to keep building the buzz to make sure we put on an electrifying Games and to make sure that we make the most of this wonderful opportunity," he said.
The Glasgow Games will include 17 sports: Aquatics (Swimming and Diving), Athletics, Badminton, Boxing, Cycling (Road, Mountain Bike and Track), Gymnastics, Hockey, Judo, Lawn Bowls, Netball, Rugby 7s, Shooting, Squash, Table Tennis, Triathlon, Weightlifting and Wrestling.
Delhi will host the next Commonwealth Games from October 3 to 14, 2010.