Brixton traders held a celebration rally
Brixton Market has been given Grade II listing following a local campaign to save the site from redevelopment.
In 2007, the land was sold to London and Associated Properties, which proposed to redevelop the site.
Campaign group Friends of Brixton Market campaigned that the south London market was an iconic location within black British history.
The Department of Culture, Media and Sport (DCMS) agreed to list the market on the advice of English Heritage.
The market comprises of covered arcades dating from the 1920s and 1930s.
A DCMS spokesman said: "The secretary of state is persuaded by English Heritage's opinion, set out in the 2010 Review Advice, that the Brixton Markets are the most architectural manifestation of the post-war Caribbean presence in Brixton.
"Given the significance of black history to post-war Britain, this establishes some clear claims to historic interest."
Campaign group Friends of Brixton Market said it was "overjoyed" that the market had been given the status.
An earlier campaign to list the buildings by Friends of Brixton Market, which was set up 2008, had been rejected by the DCMS.
Friends of Brixton Market founder Alex Holland said: "After years of hard campaigning Friends of Brixton Market sees this as a victory, not just for the market but for the whole of Brixton.
"We hope the landlords will welcome this recognition of the market's heritage and now support the unique melting pot of traders and customers that make Brixton Market so special."