The "Broadchurch" actress will take over from Claire Foy - who played the monarch during her coronation and marriage to Prince Philip - in the next instalment of the Netflix drama as the story progresses into the royal's fourth decade of life.
Ms Colman will start filming series three next year, but the shows won't air on Netflix until 2019.
Foy has won both a Golden Globe and a Bafta for her turn as Elizabeth, whom she has portrayed during the early years of her reign.
Meanwhile, The Crown Season 2 spoilers indicate that there is going to be plenty of action and shocking twists during the second season of Netflix's popular biographical drama.
A spokeswoman for the show said the subscription service had confirmed seasons three and four and that Colman was "confirmed to star".More news: Sunday weather: Rainy morning, then scattered showers
Beginning with soldiers in Her Majesty's Armed Forces fighting an illegal war in Egypt, and ending with the downfall of her third Prime Minister, Harold Macmillan, after a devastating scandal, the second season bears witness to the end of the age of deference, and ushers in the revolutionary era of the 1960s.
Colman has form starring as royalty. "You can't ask someone to act middle-aged". Her first episode will kick off in 1963, per the BBC, when Queen Elizabeth II turned 37. Someone has to bring their own fatigue to it.
Series creator Peter Morgan chatted to Variety about his intentions to replace cast members in later seasons. The feelings we all have as 50-year-olds are different from the feelings that we all have as 30-year-olds.
Fans will next see Foy in season 2, which will drop on December 8 and is said to cover the reign from 1957 to 1964.