The agency will be tasked with creating the Japanese electronics group's pan-European ad campaigns.
The business was previously handled by several agencies across the region.
Toshiba is locked in a technology battle with Sony, with each vying to establish its DVD format as the next-generation standard.
Toshiba took the lead in March when it launched its HD DVD, three months before Sony's Blu-ray. However, Sony hopes the inclusion of Blu-ray players in its PlayStation 3 consoles will give it the upper hand. Its latest ad push, by Fallon, broke last week.
Grey was the only network to make it to the final stage of the pitch process after Lowe, Saatchi & Saatchi and Y&R were knocked out at the start of this week.
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