The budget airline said in a statement that Airbus has granted it "significant discounts" in the deal for the Airbus A320neo Family aircraft.
The deal includes the purchase of 72 Airbus A320neos and 74 Airbus A321neos for delivery between 2021 and 2026, enabling Wizz Air to renew its existing fleet and provide additional capacity for further growth.
Wizz Air said it has also negotiated a significant amount of flexibility with Airbus to ensure the aircraft delivery stream matches its operational needs, including the ability to convert a certain number of A321neo aircraft to the same number of A320neo aircraft and vice versa.
Wizz Air added that it will retain flexibility in determining the most favourable method of financing the deal.
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József Váradi, Wizz Air Chief Executive, said the order will help the budget airline to continue to drive its operating costs lower.
"Airbus is a key partner for us and we believe they have the best aircraft to serve our markets and we are happy to be continuing our longstanding relationship with them." he added.
Wizz Air has an outstanding commitment to purchase a further 135 aircraft from Airbus, comprising 8 A320ceo aircraft and 17 A321ceo aircraft.