The 1945-born novelist was awarded the world's most prestigious prize in literature "for the art of memory, with which he has evoked the most ungraspable human destinies and uncovered the life-world of the Occupation" the academy said on Thursday.
Modiano becomes the 111th Literature Laureate since 1901 when the first Noble Prize in Literature was awarded.
The Academy said that Modiano’s works centered on topics such as memory, oblivion, identity and guilt. The Permanent Secretary of the Swedish Academy, Peter Englund said that Patrick Modiana "is well known in France, but not anywhere else”.
Among other titles, Modiano wrote: Night Rounds, Ring Roads: A Novel, Villa Triste, Missing Person, A Trace of Malice and Honeymoon.
The Swedish Academy received 210 valid nominations for the 2014 Noble Prize in Literature - 36 of which were first-time nominees.
A total of 77 of 111 Literature Laureates in Noble Prize history were born in Europe (11 in France, including Mondano), 19 in the Americas, eight in Asia, six in Africa and one in Oceania.