The contract seems to initially focus on events to be held this summer, ahead of the Olympic Park's full reopening in spring 2014.
The first Live Nation events announced under the new deal are the annual Wireless Festival and Hard Rock Calling. They will take place in July.
The music events will be part of a summer series in the Olympic Park that will include RideLondon, a cycling and road race festival and a park reopening celebration featuring music, sports and cultural offerings.
"As the world's leading provider of music festivals and outdoor events, Live Nation is delighted to have won the inaugural contract for Queen Elizabeth Olympic Park," said John Reid, president of concerts at Live Nation Europe. "In the coming weeks, we will unveil the headline acts for the first Wireless and Hard Rock festivals to be staged in London's new flagship venue, which promise to be the U.K.'s blockbuster events of 2013."
Said London mayor Boris Johnson: "Our vision for the Queen Elizabeth Olympic Park has always been as a destination for world-class sport as well as for major cultural and leisure events, and last summer the world saw what an amazing venue we have created with our iconic stadium, sports facilities and new parklands. The confidence now shown by one of the world's leading live entertainment promoters to relocate two of its biggest music festivals from the center of the capital is a ringing endorsement of our legacy plans."