Tissot will also produce a special edition watch for the occasion.
The firm was the official timekeeper of the Asian Games in 1998, 2002 and 2006, but rival Swiss watch manufacturer Swatch had the contract for the 2010 edition in Guangzhou, China.
Kim Young-Soo, president of the Incheon Asian Games Organising Committee, said: "We could not have chosen a better partner than Tissot to provide these various disciplines with the utmost precision timing. Thanks to their experience, Tissot offers a tailored approach to every challenge, which is ideal for an event like the Asian Games."
Earlier this year, Incheon 2014 signed sponsorship deals with three major Korean companies that had backed PyeongChang's successful bid to host the 2018 winter Olympic Games.
Korean Air, South Korea's largest airline, is the prestige partner of the event, the highest-ranking sponsor, and will underwrite air tickets, luggage and most areas related to air transport, as well as participate in the construction of the Wang San Marina to be used during the games.
Hanjin Group, one of the largest conglomerates in international transport, is constructing a new hotel to accommodate participating athletes, while SK, one of Korea's top five business groups, is the energy and telecommunications partner.
The Incheon Asian Games will take place from September 19 to October 4, 2014.