Best has played 152 times for his Province and returns to a position that he first held from 2007 to 2011.
The 31 year-old has also captained Ireland on four occasions and led out the British and Irish Lions against the Brumbies in last summer's tour to Australia.
Commenting on the captaincy, Best said: "It is a huge honour to captain your Province. I enjoyed doing it a few years ago but in 2011, I felt I just needed to step down and to concentrate on my game.
"We also had a ready-made captain in the squad in Johann which made it easier and he did a fantastic job.
"It is nice to have been asked to do it again. With the extra experience that I have gained at provincial and international level in recent years I believe that I am more equipped than ever before to lead this group of players.
"Being the captain of Ulster is something that I absolutely love doing and I am looking forward to the challenge of the new season."
Guinness PRO12 Ulster News
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