The 25 ministers were sworn in by President Asif Ali Zardari, but Prime Minister Nawaz Sharif has not yet said who will be appointed to run each ministry. That announcement is expected later Friday.
One prominent figure is Ishaq Dar, a former finance minister who is expected to be allotted the same portfolio. Close Sharif aides Chaudhry Nisar Ahmed, Khawaja Asif, Pervaiz Rashid, and Ahsan Iqbal were also among those sworn in as ministers. The Cabinet includes two women.
State-run Pakistan Television says Sharif may keep the Foreign Ministry portfolio for himself.
Sharif has pledged to tackle a sinking economy, widespread power outages and ongoing militancy.
Nawaz Sharif's Pakistan Muslim League-Nawaz (PML-N) had emerged the single largest party and has formed the government.
Majority of the cabinet members belong to the PML-N and some were inducted from the allied parties.