The 28-year-old Dutchman, who was forced to sit out this year's Tour de France with a knee injury, had two years to run on his Sunweb contract.
Jumbo-Visma said its goal was to win a Grand Tour with Dumoulin, a former Giro winner, in its ranks for the next three years.
"I'm looking forward to contributing to that goal, winning a Grand Tour", Dumoulin said on his new team's website.
Earlier, Sunweb announced the 2017 world champion was quitting the team "after an incredible eight-year journey filled with countless successes..."
Dumoulin was forced to sit out this year's Tour de France due to an injury that cut short his Giro challenge. While away from the action he began to think about his future and the "great" offers coming his way.
"After the disappointment of missing the Tour and finding myself sitting at home, I started to consider that a new environment could be refreshing," he said.
"There were great offers and this phase of my career felt like the right time to take it."