A half-century of the acclaimed novelist's original manuscripts and personal papers, written mostly in Spanish, are among the documents in the archives, which are to be housed in the university's Harry Ransom Center.
The Ransom Center at the University of Austin, Texas' capital city, houses a humanities research center, a museum, and a library.
Born in Colombia, Garcia Marquez died in Mexico City this past April in at the age of 87.
"Garcia Marquez is a giant of 20th-century literature whose work brims with originality and wisdom," said Bill Powers, president of The University of Texas at Austin, in a statement.
"The University of Texas at Austin -- with expertise in both Latin America and the preservation and study of the writing process -- is the natural home for this very important collection," he said.
Powers did not say how much the center paid to obtain the collection which includes more than 2,000 Garcia Marquez letters, including correspondence from legendary writers Carlos Fuentes and Graham Greene, drafts of his 1982 Nobel Prize acceptance speech, and more than 40 photograph albums documenting all aspects of his life.