Pyeongchang has been chosen to host the 2018 Winter Olympics.
The South Korean candidate was selected by the International Olympic Committee in the first round of voting ahead of Munich in Germany and Annecy in France.
They received a majority 63 of the Committee's 95 votes, with Munich garnering 25 and Annecy just seven.
It is third time lucky for Pyeongchang, who lost out to Vancouver and Sochi for the right to host the 2010 and 2014 Games respectively.
"This is one of the happiest days for our country, our people and millions of youth dreaming of winter sport," said Pyeongchang bid chief Cho Yang-ho.
Pyeongchang, which has a population of 47,000 and is situated near South Korea's east coast, says it can spread the Olympics to a lucrative new market in Asia and become a hub for winter sports in the region.
There were reserved celebrations from the South Koreans, who were all rather dignified. They always had an air of confidence after it was known that a second round of voting was not needed. There was always the sense that it would be hard for the IOC to say 'no' to the Koreans after their two previous failed attempts
There were reserved celebrations from the South Koreans, who were all rather dignified. They always had an air of confidence after it was known that a second round of voting was not needed. There was always the sense that it would be hard for the IOC to say 'no' to the Koreans after their two previous failed attempts
The Winter Games have twice been held in Asia before, both times in Japan - Sapporo in 1972 and Nagano in 1998.
The result is a personal success for South Korean president Lee Myung-Bak, who was a key figure in Wednesday's final presentation to the IOC and had declared it "his duty and his mission to deliver the Games to Asia".
When IOC President Jacques Rogge delivered the decision, Lee celebrated with his fellow delegates, including reigning Olympic figure skating champion Kim Yu-na.
"I will make a good Olympics," declared 69-year-old Lee. "This is a victory for the Koreans, thank you to them."
For Kim Jin-Seun the former Governor of Gangwon Province - who had led the previous two bids and is an ambassador of the 2018 bid - it was a hugely emotional moment.
"For 17 years I have had a really rough road, really hard," he said. "I don't know what to say. I'm overwhelmed. I'm just very very happy."
In a statement, the British Olympic Association offered their congratulations to Pyeongchang.
"As the first Asian city outside of Japan to host the winter Games, PyeongChang will bring the excitement of the winter Olympics to a new audience. We look forward to what we are sure will be excellently organised Games that make Asia and the Olympic Movement proud," said BOA chairman Colin Moynihan.
In an emotional presentation on Wednesday, Pyeongchang hammered home the message that South Korea has shown its determination time and again after twice missing out and had improved after listening to the advice of the IOC.
In an emotional presentation on Wednesday, Pyeongchang hammered home the message that South Korea has shown its determination time and again after twice missing out and had improved after listening to the advice of the IOC.
Munich sought to counter Pyeongchang's emotional pull, with Thomas Bach, an IOC vice president and a senior leader of Munich's bid, noting that Germany was making its fourth Winter or Summer Olympics bid in recent years and that it has been more than 70 years since the country hosted the Winter Games in Garmisch-Partenkirchen in 1936.
Outsiders Annecy were never able to gain enough momentum to mount a serious challenge despite their calls for an "authentic" ecologically friendly games in the heart of the French Alps.
This was the first time an Olympic bid race with more than two finalists was decided in the first round since 1995, when Salt Lake City defeated three others to win the 2002 Winter Games.
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