The plan approved yesterday, which now heads to the US government for approval, aims to maintain Internet governance under a "multi-stakeholder" model which avoids control of the online ecosystem by any single governmental body.
The proposal crafted over the course of two years with input from businesses, academia, governments and others was endorsed at a board meeting in Morocco of the Internet Corporation for Assigned Names and Numbers (ICANN).
"The mood here is a mixture of exultation and exhaustion," ICANN board chairman Stephen Crocker told AFP on the eve of the vote.
The ICANN board unanimously approved resolutions detailing the transition plan and directing that it be sent to the US government for approval.
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The meeting was marked by a series of standing ovations as those involved with the process were thanked.
The online address system managed by ICANN is currently overseen by the National Telecommunications and Information Administration (NTIA) at the US Department of Commerce.
Officials say the supervision is symbolic and dates back to the creation of the Internet. Yet ICANN officials maintain the new governance model will instill confidence around the world in the Internet's independence.
If the US government approves the plan, then a contract between ICANN and the US government will expire on September 30 as is planned.
"Ultimately, this process is about stewardship of the critical functions of one of the most extraordinary human innovations," said Internet Society chief executive Kathryn Brown.
"It was right to entrust this important role to the Internet community."
Crocker did not expect internet users to notice any change, given that ICANN would continue to perform its job under a new accountability regime.