The 21-year-old full-back made just 17 appearances for Real Madrid and has spent the last two seasons on loan at German Bundesliga club Borussia Dortmund.
Inter have paid €40m with €5m add-ons for the Real Madrid academy graduate who was pictured attending a medical in Italy on Tuesday.
In a statement, Real Madrid thanked Hakimi for his service and wished him well in his new chapter".
"The Club wishes to thank Achraf Hakimi for his many years of dedication, professionalism and exemplary conduct since he joined our academy in 2006 and wishes him all the very best in this new chapter, Real said on its website.
The 21-year-old Morocco international scored 12 goals in 70 appearances in all competitions for Borussia Dortmund in his last two seasons at the German Bundesliga club.
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