Mc Donalds previously worked with a number of digital agencies, including Duke, which was acquired by Avenue A.
The review was called in January and follows McDonald's appointment of Simon Short to the role of digital marketing manager last summer. Oystercatchers handled the pitch.
Alistair Macrow, McDonald's marketing director, said; "We are looking forward to working with Avenue A | Razorfish and creating some innovative and exciting digital marketing to engage with our customers who are increasingly consuming digital media."
Work for the fast food chain is expected to include digital strategy, website development and online advertising.