Announcing the decision, International Olympic Committee (IOC) President Jacques Rogge said: "Cuba has a strong Olympic tradition, and over the years Cuban athletes have achieved incredible feats at the Games.
"We look forward to continuing our partnership with ICRT to make the London 2012 Olympic Games available on free television and radio to sports fans in Cuba."
Cuba won a total of 24 medals at the 2008 Olympics in Beijing, including two gold.
IOC Executive Board member Richard Carrión, who led the negotiations, said: "I am delighted we were able to continue our partnership with ICRT and would like to thank them for their co-operation in making this announcement possible."
Danylo Sirio, President of ICRT, said: "The broadcast of the Olympic Games in Cuba is greatly enjoyed by our hard working people.
"We are pleased with this agreement with the International Olympic Committee, and we will continue to work together for the benefit of sports."