Engagement whispers have surrounded the couple for close to a year, after the mother-of-two was caught flashing an impressive ring on that finger at a star-studded event celebrating rapper Jay Z back in December 2016.
"We feel incredibly lucky to have come together at this juncture in our lives when our collective successes and failures can serve as building blocks for a healthy and happy relationship", they said.
Paltrow gave an interview for her own publication in which she said that she made this decision after dating Falchuk for two years.
Before that, they had been linked for more than a year, but they remained under the radar with their relationship.
Gwyneth Paltrow confirms her engagement to boyfriend Brad Falchuk
Academy Award victor Paltrow, who next appears on-screen reprising her role as Pepper Potts in "Avengers: Infinity War", is divorced from Coldplay frontman Chris Martin, whom she married in December 2003.
Paltrow and Falchuk were first linked in July 2014 following the actress' split from Martin.
Her blog on the drug-laced drinks read: "Ringing in 2018 with a CBD-spiked cocktail intrigued many of us at Goop".
Right in 2014 on the set of the musical comedy TV series "Glee", which Falchuk co-created with Ryan Murphy.