Erin Billington (15) was chosen by the judges and will have the honour of riding on the queen's float at this year's carnival on Saturday, June 13, as well as representing the town for the forthcoming year.
In addition, Amber Keating (17) was chosen as this year's maid of honour.
Erin won a DKNY watch worth £150, courtesy of Nolan's Jewellers, on The Square, Harborough, as well as a £150 cash prize from Market Harborough Building Society.
She also wins a photo shoot and a £265 framed photo from Paul Ferraby studios in St Mary's Road, Harborough.
Amber received £100 cash, also from the Market Harborough Building Society, and a charm bracelet watch from Nolan's, while the five runners-up each received a pair of silver cubic zirconia stud earrings from Nolan's.
All the finalists – Erin, Amber, Olivia Douglas, Loretta Manning, Ellie Gilkes, Tori Tansur and Zoe Thorpe – met the judging panel of carnival committee member Jane White, Lisa Hyde, Ian Saunders from Nolan's Jewellers and Ian O'Pray and Rachel Lusby from the Harborough Mail.
A buffet was provided free of charge by the Angel Hotel and beauty expert Hayley Cobbold provided a make-up demonstration during the evening.
As is traditional, last year's carnival queen, Rian Matanky-Becker, performed the duty of crowning her successor.
Speaking after being chosen as queen, Erin said: "I'm lost for words.
"It's great to have won.
"When I came here I didn't know what was going to happen – I knew there could only be one winner. I was so happy it was me."
Amber said: "I'm really happy. I hope the carnival day will be fun and everything that it should be.
"I had entered a few times before and didn't really expect to get anything this year, so I'm really happy."
Carnival chairman John Bush thanked everyone who had made the event possible, including the Angel Hotel, Market Harborough Building Society, Nolan's Jewellers, Paul Ferraby, Hayley Cobbold, the Flower Club of Market Harborough, the Harborough Mail and the judges.
He said: "It's very pleasing to see that a competition like this can continue.
"It's not a beauty contest – it's to select a person who can represent the town.
"That's what the judges were looking for and they were very impressed with this year's entrants."
Harborough Mail readers voted for the Carnival Prince and Princess.
Prince will be Jake Sutherland (8) of Andrew Macdonald Close and Princess will be Freya Draper (6) of Nithsdale Avenue, both in Harborough.
Both will receive a £10 book token thanks to Quinns bookshop in Three Crowns Yard, off High Street, Harborough.
And they will get to sit on the float with the Carnival Queen at this year's event on Saturday, June 13.