The DoubleClick Ad Exchange is modelled on the AdSense and AdWords systems used for purchasing search ads, but it only deals with display ads.
Neal Mohan, vice president of product management at Google said the exchange is a real-time marketplace that will help publishers, ad networks and agencies buy and sell display space.
"We want to democratise access to display advertising and make it accessible and open, like search advertising," Mohan said.
"By bringing publishers and advertisers together in an open marketplace in which prices are set in a real-time auction, the Ad Exchange enables display ads and ad space to be allocated much more efficiently. This improves returns for advertisers and enables publishers to get the most value out of their online content."
Google's move is a direct challenge to Yahoo! and Microsoft, the dominant players in the display ad marketplace. Yahoo! bought Right Media in 2007, and is responsible for placing ads on eBay and hundreds of newspaper sites.
Google bought DoubleClick for $3.1 billion last year, sparking speculation a display exchange was on the cards.
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