The Scottish Premiership high-flyers have been without a permanent boss since Terry Butcher left to take over at Hibernian last month, with Duncan Shearer and Scott Kellacher running first-team affairs since.
However, Inverness announced on Wednesday that former Falkirk, Hibs, Livingston and Hartlepool United coach Hughes has taken the job on a two-and-a-half year contract.
"(I'm) excited - it's a massive challenge. Terry's (Butcher) done a wonderful job ... I want to immerse myself in the fabric of the football club and go and enjoy it. I've come to something special," the 49-year-old told the club's official website.
Inverness chairman Kenny Cameron added that he is "delighted" to welcome Hughes to the Tulloch Caledonian Stadium.
"He is an experienced manager which is what we feel is required in the current scenario we have at our club," he commented.
"He greatly impressed all the directors with his knowledge of the club, his passion and philosophy for the game."
Hughes' first game in charge will see him take second-placed Inverness to St Mirren on Saturday.
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