Euro RSCG MVBMS Partners in New York will be the lead agency on the creative and media account, which was previously held by Leo Burnett and Starcom.
The UK arm, Euro RSCG Partners, will also work on the business, alongside offshoots in Germany and Japan.
The incumbent, the fellow Havas network, Arnold Wordwide, in collaboration with Bartle Bogle Hegarty, pitched for the account.
When Leo Burnett won the business in 2000, the account was worth around $150 million, but Polaroid spent only a fraction of that in 2002 due to a period in Chapter 11 bankruptcy protection.
The company has reacted to technological advances by producing a range of digital cameras.
Euro RSCG MVBMS Partners' chief executive, Ro Berger, added: "Polaroid is on the cusp of an exciting new era, and we look forward to putting our experience and talents to work on its behalf."