Hammerson and Urban Splash will lead the regeneration of the city's retail and waterfront sites.
The Quadrant and St David's shopping centres are included in the revamp, while car parks at Paxton Street and County Hall will also be redeveloped.
The appointments follow a nine-month competition, which asked developers to submit their visions for the city.
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The master plan includes 600,000 sq ft of additional retail space, 1,000 homes and new leisure, office, hotel and conference facilities.
Swansea Council leader Chris Holley said: "Hammerson is one of the leading property developers in Europe with an outstanding track record and the financial standing to deliver our ambitions for the city centre and waterfront.
"Equally, Urban Splash is one of the most innovative city centre residential developers with a proven track record in Manchester, Leeds and Liverpool. This is probably the most significant announcement during the past 50 years for Swansea."
The companies last worked together on the residential element of Birmingham's Bullring shopping complex.
Meanwhile a £22m regeneration scheme for Swansea's High Street has been unveiled. The project would see an "urban village" of shops and affordable housing midway between the railway station and Castle Square.
(NS/JM)
