Young joins from Welsh region Cardiff Blues and replaces Tony Hanks, who presided over Wasps' decline as a force in the Aviva Premiership.
The 43-year-old former Wales and Lions prop won the Amlin Challenge Cup and EDF Energy Cup and reached the semi-finals of the Heineken during his nine-year reign at the Blues.
"This is an enormous opportunity for me. I loved my time at Cardiff but I'm looking forward to a new experience in a new environment," said Young.
"There is a hugely talented group of players here to work with and the challenge to help a great club into a position where they are once again challenging for success was too good to turn down."
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