Shepparton will also host events, and the Melbourne Cricket Ground will host the opening ceremony.
The Premier said the announcement is a "great vote of confidence in regional Victoria".
"It's a showcase of all that we do so well. It's about jobs. It's about setting our state up for the future," he said.
"We know that when regional Victoria is doing well, Victoria is doing well."
Athletics and boxing will be held in Ballarat, while Geelong will host swimming, diving, gymnastics, hockey, table tennis, triathlon and beach volleyball.
Badminton and cycling will take place in Gippsland and Bendigo will host lawn bowls, netball, squash and weightlifting events.
The event is expected to create thousands of jobs, including 600 before the start date, 3900 during the games, and 3000 beyond the closing ceremony.
NZOC: Victoria Games great news for New Zealand
New Zealand Olympic Committee CEO Nicki Nicol has congratulated the state of Victoria in Australia on successfully being named as the 2026 Commonwealth Games hosts.
Nicol says the announcement is great news for New Zealand, and all of Oceania.
"Bringing the 2026 Commonwealth Games to Victoria is fantastic news for New Zealand. This is another Southern Hemisphere Games on the runway to the Olympic Games in Brisbane 2032. New Zealand athletes will have a home advantage with better travel, training and performance opportunities, and only a quick flight for friends, whanau and fans to support the team on the ground.
"It's exciting to focus on maximising the benefits these 'home Games' can deliver, including the opportunity to host pre-Commonwealth Games training camps in New Zealand in the build up to 2026.
"The selection of Victoria also signals a new and exciting approach to the Commonwealth Games. Regional or nation-wide Games are now viable and future host nations can tailor the sports programme to their sporting, cultural and social needs.
"We look forward working with our Commonwealth colleagues in Victoria over the coming four years."