The 46-year-old has been named as Love's successor for next year's matches against a European team led by Denmark's Thomas Bjorn
on the outskirts of Paris.
Furyk in turn named Love as his first vice-captain for the biennial event at Le Golf National when he addressed a news conference Wednesday.
"This is such an honor. I'm actually a little overwhelmed," Furyk told reporters at the PGA of America headquarters in Florida.
"It's no secret, it's been my favorite event my entire career. In my opinion the Ryder Cup embodies everything that is special about golf.
"It has the team work, the camaraderie, the competition, the passion, it brings fans together from worldwide.
"I just get chills thinking about all the events I've been able to participate in, and now to sit here as the captain for 2018 is such an honor."
Furyk, who won the 2003 US Open, made his Ryder Cup debut in Spain in 1997 and last played at Gleneagles in Scotland in 2014.
He played on two winning sides -- at Brookline in 1999 and Valhalla in 2008 -- and was an assistant captain in last year's record 17-11 victory at Hazeltine.
Furyk was a member of the task force, which included Tiger Woods and Phil Mickelson, set up in the wake of the Americans' third defeat in a row and sixth in seven events at Gleneagles under Tom Watson.
The US last won on foreign soil in 1993 -- also under Watson -- and Furyk said his side would be under pressure in Europe, particularly given the raucous nature of the crowd in Minnesota last year.
"The European fans will be out in full force," he said. "We've got our work cut out but I'm really looking forward to rolling up my sleeves and getting started."
Furyk said close friend Love, who was also captain for the defeat at Medinah in 2012, would be a "very tough act to follow."
"He put a system in place and got the players behind it," Furyk said.
"It won't make my task easy but it is comforting knowing there is a system in place."
Furyk was also second in last year's US Open and shot the lowest score in PGA Tour history when he carded 58 in the final round of the Travelers Championship in June.
The 17-time PGA Tour winner holds the record with Phil Mickelson of the most US Ryder Cup matches lost (20).
"His accomplishments as a player are well known, but his inherent competitive spirit and leadership traits are what made his candidacy so attractive," PGA of America president Paul Levy said.
"Jim offers the total package and is well suited for the task at hand."
The 2018 Ryder Cup will take place in the French capital from September 28-30.