The US-based drinks company, through its wholly-owned subsidiary Atlantic Industries, will pay HK$12.20 per share in cash.
The offer is almost triple Huiyuan's last closing price of HK$4.14 and values the Beijing-based juice producer at around HK$17.9bn (£1.3bn).
Coca-Cola also offered to pay for all outstanding convertible bonds and options, bringing the total amount of the deal to as much as HK$19.6bn (around £1.4bn).
Huiyuan is the biggest fruit and vegetable juice company in China. It generated total sales of about £215m in 2007.
It will greatly expand Coca Cola's position in the Chinese market where it already sells around a billion bottles of Coke as well as Sprite and Minute Maid.
The deal comes on the back of the 2008 Olympic games in Beijing where the drinks firm was an official sponsor and invested millions in promoting its brand.
Muhtar Kent, president and chief executive of The Coca-Cola Company, said: "Huiyuan is a long-established and successful juice brand in China and is highly complementary to the Coca-Cola China business.
"This acquisition will deliver value to our shareholders and provide a unique opportunity to strengthen our business in China, especially since the juice segment is so dynamic and fast growing in China."
French food group Danone owns almost a quarter of Huiyan.
The transaction is subject to various authorizations, including the approval of the Chinese antitrust authorities.