The governments of both countries have now signed documents allowing the deal, which was first agreed last November, to go ahead.
Domestic and legislative loose ends can now be tied up and it is expected the first tariff cuts of 12-25% on beef products and live animals will come into effect at the end of the year.
Howard Smith, Cattle Council of Australia president, welcomed the signing of the deal, which he said was a significant boost for the Australian beef industry.
"The Australian government has provided Australian producers with three major trade agreements from Japan, Korea and now China over the past year- a significant boost for Australian beef internationally.
"China continues to be an essential market for Australian beef, having doubled its imports over the past six years.
"The flow through benefits of ChAFTA will input an annual gross value of $270m towards the Australian beef industry which should flow into farm gate prices."