MEPs supported the agreement by 660 votes in favour to five against, with 32 abstaining.
The trade deal, which has been in provisional effect since the beginning of 2021, legally had to be ratified before the end of April.
Had the agreement not passed, the UK and EU’s terms of trade would have had additional tariffs and quotas placed on goods.
European Commission president Ursula von der Leyen said:
“I warmly welcome the European Parliament's vote in favour of the EU-UK Trade and Cooperation Agreement.
“The trade and cooperation agreement (TCA) marks the foundation of a strong and close partnership with the UK. Faithful implementation is essential.”
Lord Frost, the UK's chief negotiator said:
“I hugely welcome the overwhelming vote by the European Parliament for our trade agreement with the EU.
“I hope we can now begin a new chapter together as Europeans, characterised by friendly cooperation between sovereign equals.”