The corporation, set up by London mayor Boris Johnson, takes over the baton from the Olympic Park Legacy Company (OPLC) in building a legacy for the area.
"It will promote physical, social, environmental and economic regeneration of the Queen Elizabeth Olympic Park," said a representative.
"The development corporation will be a single point of contact for regeneration - landowners, developers, planning authorities and investors."
OPLC will be wound down over the next few months but all of its projects have now passed over to the Development Corporation, he said.
Responsibilities this year will include announcing plans for the opening of the Queen Elizabeth Olympic Park and to publish a sustainability strategy for the park.
The corporation will also begin work on the post-games transformation phase of the Park, which is calling Clear, Connect and Complete.
Andrew Altman, chief executive of the London Legacy Development Corporation, said: "Legacy plans are further ahead than any previous Olympic host city.
"The creation of the London Legacy Development Corporation will ensure we deliver our vision for the Queen Elizabeth Olympic Park and surrounding areas.
"This is the next step in the legacy story. The corporation’s remit and powers will provide much needed certainty to the private sector to continue their investment."
Minister for the Olympic legacy Bob Neill, said: "The Olympic Park represents the most significant regeneration project of the next 25 years.
"The creation of the London Legacy Development Corporation will take forward the future of the park by now transferring responsibility to the mayor of London."