The WPP Group-owned agency beat PHD, Starcom, MediaCom and Carat to the business. Omnicom's PHD had held the account for seven years.
Mediaedge:cia won the business after it provided the best cost savings across all media including TV, press, cinema and radio.
Mediaedge:cia will hold the account for a minimum of three years and will have an option to extend the account for a further two years.
The contract includes advertising for the Underground, buses, congestion charging, road safety, river services, taxis and licensed cabs, Victoria coach station and road traffic enforcement.
Chris Townsend, TfL's group marketing director, said the pitch was held due to the government requirement to regularly review its advertising and no reflection on PHD.
"For seven years, PHD has sustained an exemplary standard and we've been extremely satisfied with the service," he said.
Seperately, TfL is conducting a statutory review of its £6m advertising account, currently held by M&C Saatchi.
TfL is about to start approaching agencies with the brief, which includes street management, the Public Carriage Office, congestion charging and London buses.
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