The league's newest expansion franchise, who will enter the competition in 2028, announced on Monday the 59-year-old had signed a five-year deal.
Hinkley presented to chief executive Brendon Gale and Tasmania's board in Hobart on Sunday and got the nod over Nathan Buckley and John Longmire who both expressed interest in the job.
"It's a huge privilege to be given the opportunity to build something from the very beginning," Hinkley said of the deal that will take him to the end of 2031.
"The responsibility to lead Tasmania's entry into the AFL is something very special, it excites me.
"Tasmania is a proud football state. I can't wait to get to know the players, staff, partners and community who have, and will continue to be part of this from day one."
Ex-Sydney Swans boss Longmire had met with the Devils a fortnight ago in what he described as a fact-finding mission.
Former Collingwood coach Buckley was favoured for the job last year when he pulled out of the race to find Melbourne's coach.
It is a big milestone ticked off for the Devils who started playing in the VFL and VFLW competitions this season.
"We didn't set out to find the candidate with the single best win-loss record in this process," Gale said.
"We set out to find the right coach for exactly what Tasmania Football Club needs right now.
"Ken's ability to build relationships with young players, and to build an environment that people want to be part of, is exceptional.
"It is the number one reason we believe he is the right fit for this club at this time."
Hinkley coached Port Adelaide from 2013 to 2025, instantly taking the Power to the finals after a barren five seasons following the club's humiliating and record-breaking grand final loss in 2007.
Although Hinkley never got to a grand final from three preliminary final appearances, Port were almost always in contention during his time.
He walked away with an excellent winning record of 58.6 per cent, having guided Port to 174 victories from his 297 games in charge.
The Power's off-field situation also improved dramatically as crowds returned to games because they were competitive.
Hinkley was named coach of the year twice (2013 and 2020) but stepped aside when highly-rated assistant Josh Carr wanted the Port job.
He played 132 games for Fitzroy and Geelong between 1987 and 1995 and spent time as an assistant at Geelong and Gold Coast, as well as a year at St Kilda in 2001, before winning the Port role as a 46-year-old.
After leaving Port at the end of the 2025 season, Hinkley has spent this year in the media working for Fox Footy and SEN.
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