Jimena Navarrete won a one-year scholarship to the New York Film Academy, a luxury Big Apple apartment, jewellery, clothing and footwear gifts and an undisclosed salary.
Navarrete beat out runners-up Yendi Phillipps of Jamaica and Australia's Jesinta Campbell to claim the crown. She replaces Miss Universe 2009 Stefania Fernandez of Venezuela.
Rocker Bret Michaels hosted the pageant.
It's the second year running a Miss Venezuela has won the global beauty pageant - Dayana Mendoza was last year's victor.
Fernandez beat 50 other competitors to win the contest. Miss Dominican Republic Ada Aimee de la Cruz was named first runner-up and beauties from Kosovo, Australia and Puerto Rico were also named among the runners-up.
Venezuela has produced five previous Miss Universe winners in 1979, 1981, 1986, 1996 and 2008.
Flo Rida, Heidi Montag, David Guetta and Kelly Rowland performed at the pageant.