Seventeen-year-old Jagger, already a model, will appear in 2010 campaigns alongside Rimmel's existing faces, Kate Moss, Lily Cole and Sophie Ellis-Bextor.
Coty simultaneously signed Canadian model Coco Rocha as a brand ambassador for Rimmel. Rocha will also star in the 2010 campaigns.
Stephen Mormoris, senior vice president of global marketing at Coty Beauty, said: "Georgia May Jagger & Coco Rocha were obvious choices to represent the Rimmel brand.
"Their modern beauty & aspirational styles are complementary to the strong personalities of our existing ambassadors and will help Rimmel to continue to broaden its image and extraordinary growth worldwide."
Jagger junior is featured on the cover of the most recent issue of fashion magazine Vogue UK. Earlier this year she caused controversy in one of her first campaigns when she stripped for a Hudson Jeans shoot.
Jagger, regarding her new role, said: "I am thrilled to be the new face of Rimmel and to be representing such a fantastic brand."