The agreement follows media industry objections to plans to feature advertising on international website BBC.com.
A decision on this has been delayed until the spring.
YouTube will host two channels - one for the BBC and one for BBC World - with clips from popular shows, as well as specially commissioned content.
For example, Doctor Who and Life on Mars will be available with video diaries from the show's stars, who include David Tennant and John Simm.
There will also be ad-free news reports. Some ad-funded clips will only be available to users outside the UK.
Users will be able to comment on clips, rate them, recommend them to friends and post their own video responses to communicate with the BBC and other viewers.
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