Scheduled to arrive in the UK in "early 2012", the deal will mean shows such as Little Britain, Fawlty Towers, Top Gear and Spooks being available to stream.
It's a significant feather in the cap for Netflix – rival streaming service LoveFilm does not have any BBC Worldwide content.
And it looks like you'll be able to watch complete series of BBC content on Netflix, too.
Ted Sarandos, Netflix chief content officer, said: "Members love watching back-to-back episodes of BBC series where and when they want, at the click of a button.
We are incredibly proud to make these high quality programmes available to Netflix members in the UK and Ireland."