The vaccine, which is reported to have a efficacy rate of 95 per cent, was green-lit by health regulator MHRA for use.
The UK has secured 40 million dosages of the shot, which needs two doses to work effectively against the virus.
"The government has today accepted the recommendation from the independent Medicines and Healthcare products Regulatory Agency (MHRA) to approve Pfizer-BioNTech's COVID-19 vaccine for use," the government said.
"The vaccine will be made available across the UK from next week."
The Department of Health and Social Care spokesman added: "The NHS has decades of experience in delivering large scale vaccination programmes and will begin putting their extensive preparations into action to provide care and support to all those eligible for vaccination.
"To aid the success of the vaccination programme it is vital everyone continues to play their part and abide by the necessary restrictions in their area so we can further suppress the virus and allow the NHS to do its work without being overwhelmed.
"Further details will be set out shortly."
Health Secretary Matt Hancock wrote on Twitter: "The MHRA has formally authorised the Pfizer/BioNTech vaccine for COVID-19. The NHS stands ready to start vaccinating early next week.
"The UK is the first country in the world to have a clinically approved vaccine for supply.
"Help is on the way."
Help is on its way.- Matt Hancock (@MattHancock) December 2, 2020
The MHRA has formally authorised the Pfizer/BioNTech vaccine for Covid-19.
The NHS stands ready to start vaccinating early next week.
The UK is the first country in the world to have a clinically approved vaccine for supply.
The coronavirus pandemic has raged across the world since March, seeing entire countries put on lockdown in a bid to curb the spread of the virus.
Shops, restaurants and pubs have been forced to close, workers in several industries have been put on furlough and thousands have faced redundancy.
The news of the vaccine comes after stringent lockdown restrictions in England were lifted at midnight.
Regions have been put into 'tiers', meaning some restrictions have remained depending on what part of the country you live in.