Last September, Melbourne University Press (MUP) announced it would no longer publish Meanjin, with its final issue in December after 85 years.
The magazine has published some of the nation's greatest writers such as Helen Garner, David Malouf, and Peter Carey.
The decision, which MUP said at the time was made on "purely financial grounds" caused outrage in the literary community, with Meanjin supporters staging a protest against the closure.
Meanjin was founded in Brisbane in 1940 and moved to Melbourne at the invitation of the University of Melbourne in 1945.
Its title is an Indigenous word for the central part of Brisbane's CBD.
The magazine will now be published through Queensland University of Technology which has promised to appoint an editorial board to ensure the publication's independence, values, and standards.
Meanjin will also complement the university's creative writing program, the institution said when issuing the announcement on Wednesday.
The magazine has been instrumental in shaping Australian literary and intellectual culture, according to Queensland University of Technology Vice-Chancellor Margaret Sheil.
"We are honoured to be entrusted with the legacy of this cultural icon," she said.
Melbourne University Press had received approaches to acquire Meanjin from various organisations in recent months, chair Warren Bebbington said.
"The board is delighted Meanjin will continue, and in the hands of a university so clearly alert to the nature of the custodianship MUP had fulfilled for it for so long," he said.
No date has been given for Meanjin's next issue, with Queensland University of Technology saying it would take time to "thoughtfully re-establish the journal in Queensland".
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