President H. Kim Bottomly and trustees' chairwoman Laura Daignault Gates said in a letter Wednesday that "Wellesley will consider for admission any applicant who lives as a woman and consistently identifies as a woman."
Transgender men are not eligible for admission to the private liberal arts college.
The policy is expected to be in place for the next admission cycle for the Class of 2020.
The policy approved by trustees Wednesday came after Bottomly formed a committee last fall to study educational, social, legal and medical considerations about gender identity.
Mount Holyoke and Simmons in Massachusetts as well as Mills College in California also have policies addressing the admission of transgender students.