The 12th time the event has been awarded to the country since the championship began in 1979, it will be held from March 17-25 at the 5,000-seat Enmax Centre.
Kate Caithness, President of the World Curling Federation (WCF) said: "The WCF congratulates Lethbridge for the strong bid they put in.
"We look forward to coming back to Alberta for another first class curling event.
"I would like to thank our member association, the Canadian Curling Association (CCA), for the work done in securing Lethbridge as the 2012 women's championship venue."
Greg Stremlaw, chief executive officer of the CCA, said: "With a brand new long-term partnership in place between the CCA and the WCF it is great to see Lethbridge as the next host to the Curling World Women's Championship.
"Lethbridge has been a tremendous community for many major curling championships and the recently renovated Enmax Centre will serve as an ideal location for the best women's curling teams in the world to showcase their talents."
Ford of Canada has sponsored the world men's and women's Championships since 1995, when the first Ford Worlds was held in Brandon, Manitoba.
When the men's and women's Championships were separated in 2005 Ford continued to be the title sponsor of the men's or women's event held in Canada each year.
While Ford of Canada is currently in the final year of its title sponsorship under an existing contract, negotiations are ongoing regarding a possible renewal starting in 2012.
Next year's Championships is due to be held in Esbjerg, Denmark.