The 42-year-old, who served as assistant manager to Steven Gerrard at Ibrox before following him to Aston Villa, has signed a four year deal at the Scottish club to replace the sacked Giovanni van Bronckhorst.
Beale left Villa to become manager at QPR back in the summer and after leading the London club to the top end of the Championship - became a target of Wolves in their search to replace Bruno Lage.
However, after being given permission to speak with Wolves - Beale turned down the role citing 'honesty and integrity' as his reasons.
Now just over a month later he has signed a deal to take over at Ibrox.
In a statement on the club's website, Beale said: "I am hugely proud, it is a wonderful, wonderful football club, it is an institution.
"For everyone that works here it is a huge privilege, but to be the manager of this football club, that is extremely special. Some wonderful people have sat in this chair prior to me, and I am hugely proud to be the person sat here now.
He takes over at Rangers with the club sacking Dutchman Van Bronckhorst just five months after he led them to a Scottish Cup and a Europa League Final.
So far this season they have won just twice in seven games - and are trailing rivals and champions Celtic by nine points.