"He succeeds me as Duke of Cornwall and takes on the responsibilities for the Duchy of Cornwall which I have undertaken for more than five decades.
"Today, I am proud to create him Prince of Wales, Tywysog Cymru, the country whose title I have been so greatly privileged to bear during so much of my life and duty," he continued.
"With Catherine beside him, our new Prince and Princess of Wales will, I know, continue to inspire and lead our national conversations, helping to bring the marginal to the centre ground where vital help can be given."
It was no doubt an emotional moment for both William and Kate, as the title of Princess of Wales has always been so closely associated with his mother Diana.
According to a royal source, the pair are "focused on deepening the trust and respect of the people of Wales over time".
"The Prince and Princess of Wales will approach their roles in the modest and humble way they've approached their work previously.
"The new Princess of Wales appreciates the history associated with this role but will understandably want to look to the future as she creates her own path."
William and Kate, who became Duke and Duchess of Cambridge when they married in 2011, are also now known as Duke and Duchess of Cornwall after the Queen's death.
Their new official titles are Duke and Duchess of Cornwall and Cambridge, as well as the Prince and Princess of Wales.
Shortly after the Queen died on September 8, they changed their official Twitter account to reflect the title changes, updating it again today to reflect their new status as Prince and Princess of Wales.