It is the former Nottingham Forest coach's first job in management and Hasselbaink joins a club that finished 10th in the league last season. 
However, the 41-year-old believes his first target is to help the club achieve promotion back to the Belgian top-flight. 
Hasselbaink said: "I am very excited about the opportunity. To start my managerial career here was an attractive proposition because the city's history speaks for itself and the fans are very passionate. 
"To see fans who give their team unconditional support like that, makes you want to give your all as a player or manager. 
"Our first goal is to challenge for promotion and build from there. We hope to do that by playing attractive, attacking football and with the help of the fans we can make this project work. 
"This is a fantastic club that has been under-achieving for several years - a sleeping giant. The hard work starts now."
Gunther Hofmans, Antwerp chairman, said he wanted the appointment to kick off an exciting spell for the club.
He said: "We are delighted about agreeing terms with Jimmy and we wanted to do this for our fans and supporters who have been great over the years during a difficult period. 
"We urge them to get behind the new manager and the new players that will be coming in this season, in what we hope will be an exciting new chapter in the clubs history."