Carey, who is currently deputy editor, joined the magazine in 2009 from Love It, where she was acting editor.
In another promotion, News of the World digital editor Rachel Richardson has been named editor at Fabulous.
Richardson will replace Sally Eyden, who is leaving the Fabulous for Now magazine.
News of the World editor Colin Myler said: "This is the dream team for Fabulous. Joely has the strategic vision, experience and ideas to ensure the title maximises its full editorial and commercial potential.
"Rachel will bring enormous energy, skill and creativity. Together, I’m sure they will build on Sally’s brilliant work and drive the title to even greater heights."
Carey said: "Over the past three years Fabulous has proven itself a real contender in the magazine marketplace. Week on week it has showcased agenda-setting exclusives and ground-breaking photo-shoots making it a runaway success both editorially and commercially. I'm delighted to have been given the opportunity to lead its highly creative team to build on this - in what is sure to be an exciting future."
Carey and Richardson will take up their roles in mid-February.
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