The 75th edition of the popular film festival will take place from August 29 to September 8 this year, and the jury will pick the Golden Lion award for best film and other official awards.
"To serve as president in Venice is an immense honour and responsibility that I accept with respect and gratitude. Venice is a window to world cinema and the opportunity to celebrate its power and cultural relevance," del Toro said in a statement.
"By virtue of his lively imagination, uncommon sensitivity and his trust in the power of images, he has brought to life a fantastic universe in which love and fear can coexist, and to treasure diversity is a fundamental value.
"We are pleased and honoured that he has agreed to preside over the Jury of the 75th Venice Film Festival, after having illuminated the previous edition with the dazzling beauty of The Shape of Water. He will be a genial, inquisitive and enthusiastic President," Alberto said.