Walters said he was thrilled to be given the opportunity.
"Coaching Queensland is something I've always wanted to do," Walters said.
"It's truly an honour to be in a position to coach such a fine group of players and to be entrusted with the responsibility of developing future Origin talent through our programs.
"I'm really looking forward to the challenge that lies ahead, starting with the QAS Emerging Origin camps in the New Year."
The original decision to sound out Green indicated a lack of conviction within the QRL about Walters' suitability at Origin level, but it is a perception the Broncos and Maroons assistant coach will work hard to change.
Walters was said by friends to be shattered at the news that the QRL was courting Green's services, but this is a top-level coaching opportunity for which the former Broncos five-eighth has waited more than a decade.
In his corner, he has some of the game's great historic figures, including Cameron Smith, Johnathan Thurston, Greg Inglis and Billy Slater, to help him through a testing first year in which NSW have two games at ANZ Stadium.
In the future, Queensland will have recast their team to replace some and then all of their 30-something champions with an array of talent in key positions, including already-blooded men like Michael Morgan and Daly Cherry-Evans and emerging stars such as Anthony Milford, Ben Hunt and Dylan Napa.
Meninga publicly named Walters as the best candidate when he accepted the Australian coaching job earlier this month.
Queensland and Test forward Corey Parker and another of Meninga's assistants, Michael Hagan, last week advocated Walters's selection as the dust settled from Green's decision to not pursue the coaching job.
Walters comes to the job with strong NRL experience as assistant coach jobs at Melbourne, Newcastle and Brisbane under Craig Bellamy and Wayne Bennett. Previously, he was head coach of Ipswich and Super League club Catalans.
Walters' selection sees him join 10 men to have coached Queensland in Origin football: John McDonald, the late Arthur Beetson, Des Morris, Wayne Bennett, Graham Lowe, Wally Lewis, Paul Vautin, Mark Murray, Hagan and Meninga.
The 2016 Origin series starts in Sydney on June 1.
- news.com.au