He takes over from Colin Morrison, who resigned in December. It is understood that Morrison has taken up a position at the Australian publishing company ACP, which produces magazines such as the Australian edition of Cosmopolitan.
During the past three months, Greg Ingham, the chief executive of The Future Network, has assumed responsibility for the managing director role.
Price joined Future six years ago and worked as a publisher and a group publisher before being promoted to the role of publishing director of the entertainment division in Bath and the overall games division.
Before joining Future, Price was the head of marketing for Pearson New Entertainment Video.
Following an extensive hunt, which included UK and international candidates, Ingham said: "I'm delighted to announce Robert's appointment. This is a very well-deserved promotion and Future Publishing is in good hands.
Robert's demonstrable publishing experience means that he will do a great job for this company."
Future Publishing is the UK arm of the international Future Network plc, which publishes more than 90 titles covering the music, computing and sports sectors.
It is the third-largest special-interest consumer magazine publisher in the UK and its flagship titles include Official PlayStation 2 and the motoring magazine Redline.