The broadcaster intends to focus on internet marketing to push the site, as well as search-engine optimisation.
The site has the strapline "The Shopper's Best Friend" and has been registered as a patent by ITV Consumer.
Price-comparison categories on the site include electronics, books, travel, household appliances and health and beauty products.
The site features a "back-to- school" shopping area and promotes anniversary gift ideas.
Consumers can choose products by price and brand, and are then directed to online retailers including Jessops, John Lewis, Tesco, WHSmith, Vodafone and Amazon.
ITV was criticised last week by former Five chief executive David Elstein for "too narrow a revenue base", insisting that ITV lacked a "real strategy" to expand its business.
Ben McOwen Wilson, chief operating officer at ITV Consumer, said the comparison site was an example of ITV's plan to "adopt low-risk, low-investment approaches to see if we can build brands online".
Richard Oliver, Universal McCann managing partner, investment, said: "PriceTerrier.com is a good move by ITV as it looks to diversify and shore up revenues, but it is not without problems.
"It's close enough to the core advertising business to make sense strategically, but far enough away to give ITV the problem of identifying ways in which it can work with the main business to offer advertisers a genuinely attractive, integrated proposition."
Last month, executive chairman Michael Grade admitted ITV was being forced to "reassess" its much-publicised turnaround strategy, pushing back its online-revenue targets by two years - given the economic uncertainty and delay to the launch of the Kangaroo VoD service - to £150m by the end of 2012.
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