The Dan Harmon-created comedy will be picked up for a 13-episode run, according to TVLine.
Series star Joel McHale had hinted at a renewal for the comedy last month during a press event in Pasadena, saying: "[Season four will be about] coming out of [testing times] and moving onto the next chapter of their life."
Executive producer Russ Krassnoff had previously said that he felt "confident" about Community's chances of renewal, while Neil Goldman added that he thought the programme had a "very good chance" of being recommissioned for at least one more series.
30 Rock and Parenthood have also been renewed by NBC today, while Kathy Bates-fronted legal drama Harry's Law will reportedly be axed.
NBC has also commissioned a number of new comedies to series, including Anne Heche's Save Me, White House comedy 1600 Penn and Animal Practice.
Glee co-creator Ryan Murphy and Ali Adler's single-camera show The New Normal and Matthew Perry's new sports comedy project Go On have also been given the green light.
NBC will officially announce its schedule for the new season on Monday, May 14.
Watch a clip of Betty White performing the 'anthropology rap' from Community's second season below: