Daisy Morris from the Isle of Wight stumbled upon the remains on Atherfield beach four years ago.
A scientific paper stated the newly discovered species of pterosaur would be called Vectidraco daisymorrisae.
Fossil expert Martin Simpson said this was an example of how "major discoveries can be made by amateurs".
Daisy's mum Sian Morris said her daughter had started fossil hunting aged three and came across the blackened "bones sticking out of the sand" in 2009, when she was four years old.
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"I knew I was looking at something very special. And I was right," Simpson was quoted by the BBC as saying.
The fossil turned out to be a new genus and species of small pterosaur; a flying reptile from the Lower Cretaceous period.
Daisy Morris collects animal bones, shells, skulls and teeth and "likes taxidermy" her mum said
The new species and name was confirmed in a scientific paper published on Monday.
Simpson said the island's eroding coastline meant the fossil would have been "washed away and destroyed if it had not been found by Daisy".
The confirmation of Vectidraco daisymorrisae comes a week after the discovery on the island of an almost complete skeleton of a 12-feet long dinosaur.
Pterosaurs were flying reptiles that lived in the same time period as dinosaurs, up to 220 millions years ago.