The move means RKCR/Y&R will now be the sole retained ad agency on the business, which it previously shared with Karmarama. The BBC will still work with other agencies on a project basis.
The WPP agency fended off competition from Abbott Mead Vickers, Bartle Bogle Hegarty, Saatchi & Saatchi and Wieden & Kennedy to retain the account, which it has worked on since 2006.
The new two-year deal will begin in April and there is the option to extend the partnership for a further two years.
The broadcaster said it will offer "specialist project-based opportunities to the wider advertising and creative community".
Phillip Almond, the director for marketing and audiences, said: "The BBC and RKCR/Y&R have built a strong partnership over the past eight years, and the quality of the ideas they presented in the pitch demonstrated how they can help move us forward at a critical period in the BBC's history.
"We would also like to take this opportunity to thank all of the agencies involved in the tender process for their hard work and commitment over the past few months."
After beginning initial talks with agencies in March last year the BBC had a briefing with the agencies in October, after which Karmarama left the Oystercatchers-managed process. Karmarama will still work with the BBC on projects.
RKCR/Y&R first won the account in 2006 when the BBC appointed it to and retained Fallon on its roster. In the next review in 2011 RKCR/Y&R retained its place on the roster and Karmarama replaced Fallon.
Alison Hoad, the vice chairman at RKCR/Y&R, said: "The BBC is the most prestigious creative account in the UK. We couldn't feel prouder or more privileged to have been appointed against some of the stiffest competition in London."
The BBC’s media review is ongoing. It currently works with MEC.