Tens of thousands of Brazilians have held parties and celebrations to mark Rio de Janeiro winning its bid to host the 2016 Olympics.
A special concert was held at the famous Copacabana beach. 50 thousand people turned up to celebrate the win.
Brazil's President said Rio is ready for the Games and promised that they would be "unforgettable".
The win makes Brazil the first South American country to be picked to host the Games.
Rio will host the summer Games just two years after Brazil host the 2014 football World Cup.
The country beat rivals Madrid in a final round of secret voting by members of the International Olympic Committee in Copenhagen, in Denmark.
Chicago had been tipped to win but went out in the first round of the voting, followed by Tokyo.
Brazilian President Luiz Inacio Lula da Silva said Rio will deliver a fantastic games.
"I truly believe this is Brazil's time. For the others, it would be just another Games."
It will be a busy couple of years for Brazil as the Olympics will come just two years after it hosts the Football World Cup in 2014.
Lord Sebastian Coe, who led London's bid for the 2012 Games, said it was a good decision.
"We're really happy to hand over to a country that put young people at the heart of its bid, and to a continent that has never before hosted the Games," he said.
"I would not have wanted to vote myself today because it really was a tough call."