New Zealander Lawson will replace Sergio Perez, whose departure from Red Bull after four seasons and five race wins was announced on Wednesday.
Red Bull team principal Christian Horner said: “Liam’s performances over the course of his two stints with Racing Bulls have demonstrated that he’s not only capable of delivering strong results but that he’s also a real racer, not afraid to mix it with the best and come out on top.
“There’s no doubt that racing alongside Max, a four-time champion and undoubtedly one of the greatest drivers ever seen in F1, is a daunting task, but I’m sure Liam can rise to that challenge and deliver some outstanding results for us next year.”
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