The vaccination programme will be operational from November 8.
The Food and Drug Administration has authorised the shots for children ages 5 to 11.
The vaccine will still be given in two injections, three weeks apart. The dosage has been adjusted to 10 micrograms per injection, compared to 30 micrograms for the older age groups.
The caps on the children's vials will be orange, making them easily recognizable compared to the purple caps on the vials for older groups.
"Today, we have reached a turning point in our battle against COVID-19," Biden said in a statement released by the White House.
Vaccinating younger children will "allow parents to end months of anxious worrying about their kids, and reduce the extent to which children spread the virus to others. It is a major step forward for our nation in our fight to defeat the virus," the president continued.
The government has already secured enough vaccine for every child in America, he said, adding that over the weekend officials began the process of packing and shipping millions of doses.
