In September, Canada's Danielle McGahey became the first transgender cricketer to take part in an official international match.
Transgender participation has become a hot-button issue as different sports try to balance inclusivity with ensuring fair competition.
International governing bodies in cycling and athletics have also banned transgender competitors.
The ICC board, meeting in the Indian city of Ahmedabad, said the new policy, which takes effect immediately, is aimed at "protection of the integrity of the women's game, safety, fairness and inclusion".
"Any male to female participants who have been through any form of male puberty will not be eligible to participate in the international women's game regardless of any surgery or gender reassignment treatment they may have undertaken," it said.
The regulations, which follow a nine-month consultation process, will be reviewed within two years.
The review relates solely to gender eligibility for international women's cricket. The policy at domestic level is a matter for each individual member board.
ICC chief executive Geoff Allardice said: "The changes to the gender eligibility regulations resulted from an extensive consultation process and is founded in science and aligned with the core principles developed during the review.
"Inclusivity is incredibly important to us as a sport, but our priority was to protect the integrity of the international women's game and the safety of players."
