The British House of Commons confirmed it will be renamed Elizabeth Tower in honor of the Queen's Diamond Jubilee marking her 60 years on the throne, the BBC reported.
According to UK Press Association, the announcement comes after a campaign proposed by Conservative MP Tobias Ellwood and supported by most MPs. Commons authorities backed the change on Monday night.
Big Ben is actually the name of the bell in the clock tower of the Palace of Westminster.
A spokesman for the House of Commons Commission told the BBC it "will arrange for this decision to be implemented in an appropriate manner in due course."
Why the change? According to the BBC, it will provide a symmetry as the tower at the west end is named the Victoria Tower - to commemorate the long reign of Queen Victoria, the only other monarch to reign over 60 years.
"I think it is a fitting tribute to the Queen and the service she has given to our country in this jubilee year," Prime Minister David Cameron told Reuters, according to his spokesman.