The $600 million agreement for the Saab JAS 39 Gripens was first announced in June as part of a long-term plan to modernise the air force's combat capabilities.
During five days of clashes with Cambodia that left more than 40 people dead, Thailand used its fleet of F-16s to strike military targets across the border.
It was the deadliest border fighting between the two countries in decades.
"The cabinet has approved the purchase of JAS 39 Saab Gripen to strengthen the Royal Thai Air Force and protect Thailand's sovereignty," the air force said on its official Facebook page.
A procurement committee began deliberations in August last year, concluding a 10-month review that favoured the Scandinavian-made jets over American F-16s.
The kingdom already operates 11 older Gripens, as well as dozens of F-16s acquired in the 1980s.
The country's total defence budget stands at 200 billion baht ($6 billion), which includes allocations for the army, navy and air force.
tak/pdw/djw
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