Verstappen, son of former grand prix racer Jos, turns 17 only next month.
The sport's youngest driver to date is Spaniard Jaime Alguersuari, who made his debut with the same Red Bull-owned team in 2009 at the age of 19 and 125 days.
"We consider Max to be one of the most skilled young drivers of the new generation and we believe he has the necessary maturity and mental strength to take on this challenge successfully," said team principal Franz Tost in a statement.
Verstappen will partner Russian Daniil Kvyat, who made his debut with the team this year at the age of 19 years and 324 days.
- Sports & Recreation
- Jaime Alguersuari