The legislators on Monday debated the qualifications of Madanizadeh as the proposed nominee to lead the Ministry of Economic Affairs and Finance.
Madanizadeh, 43, took office with 171 votes in favor, 67 against, and 8 abstentions.
The new minister is the president of the faculty of management and economy at Sharif University in Tehran.
Madanizadeh had won a gold medal in the International Mathematical Olympiad as a high school student. He has an MSc in mathematics from Stanford University in California and finished a PhD in economy at the University of Chicago.
The former economy minister, Abdolnaser Hemmatic, was dismissed in March after a vote of no confidence from the lawmakers.
The MPs had complaints about price hikes and diminishing purchasing power in Iran.