Former player and academy boss Awford took over from Richie Barker in late March, and has guided the team to five wins and a draw in his six matches in charge in a caretaker role.
That run has seen the Fratton Park outfit climb away from League Two's relegation zone and into the safety of 11th position with one match remaining.
On Thursday, the club announced that Awford had been handed the job on a permanent basis, and the 41-year-old is delighted to be given the opportunity.
"It is with huge pride that I am delighted to accept the board's offer to be the new manager of Portsmouth Football Club," he said.
"I have accepted the offer as I feel the club is, after a year of laying strong financial foundations, now in a position to look ahead, move forward, go from strength to strength and achieve the stability it craves.
"I genuinely believe that the club is now ready to progress and the opportunity to lead it is a challenge that I relish and am absolutely committed to.
"The opportunity to manage this football club is one I am extremely grateful for and it allows me to achieve another personal football ambition.
"I am honoured, excited and thrilled to be given the job and look forward to us all working together for the good of Portsmouth Football Club."
