Next year's Boat Race between teams from the University of Oxford and the University of Cambridge will be held on the Great Ouse at Ely on April 3.
The annual event normally takes place on the River Thames in London, although this year's competition was called off due to the COVID-19 pandemic.
Ely, a city in Cambridgeshire, will now host the race for a second time after it was moved from London in 1944 during World War Two.
The event was relocated as a result of the challenge of planning a high-profile amateur event around coronavirus restrictions, as well as uncertainty regarding the safety and navigation of Hammersmith Bridge.
Hot weather in August worsened cracks in the structure of Hammersmith Bridge, which was then closed entirely and is yet to reopen.
Spectators will not be able to attend the Boat Race in Ely, but the event will be shown on the BBC.
"Everyone is facing significant challenges right now, especially students up and down the country," said the Boat Race Company Limited (BRCL) Race and Operations Committee chair George Gilbert.
"Organising sport safely and responsibly is our highest priority and moving The Boat Race to Ely in 2021 enables the event to go ahead in a secure environment.
"While we are sad not to be able to welcome the usual hundreds of thousands of spectators along the course, we will be inviting our communities and wider audience to get involved via our social media channels, and to enjoy the historic event on the BBC."
The Boat Race athletes have been training under strict COVID-19 guidelines laid down by British Rowing, the University of Oxford and the University of Cambridge, and the British Government.
Crews enjoyed two months on the water before England re-entered lockdown in November.
The student athletes then began training at home on their rowing machines in a bid to gain a place in next year's Boat Race.
It will be the 166th men’s Boat Race and the 75th women’s Boat Race.
Last year, Cambridge won both the men's and women's events.