Ten of the 21 new ministers are women, and nine ministers are Moderates.
57 year old Carl Bildt was prime minister of Sweden from 1991 to 1994 and was the UN Secretary General's Special Envoy for the Balkans between 1999 and 2001.
He has been on the board of Vostok Nafta since 2002 and is also on the board of Lundin Petroleum AB, a part of the Lundin Group of Companies.
The new Minister for Schools, Liberal Jan Björklund, told TT that it felt good when he woke up this morning.
"Naturally, it's a big challenge to raise the quality of Swedish schools," he said.
The issue he is prioritising is that more students must finish their compulsory education with better grades than today.
"There are many who are leaving school more or less unable to read or write, and that is not acceptable," said Björklund.
The new financial markets minister, Mats Odell, wants to make Stockholm a modern financial centre.
I want to improve further the competition and consumer protection in the financial market, and I want Stockholm to become a modern financial centre so that we can create many jobs within that sector," he said.
The full list of ministers is as follows:
Foreign Affairs: Carl Bildt (Moderate)
Finance: Anders Borg (Moderate)
Industry: Maud Olofsson (Centre Party leader)
Social Affairs: Göran Hägglund (Christian Democrat leader)
Education: Lars Leijonborg (Liberal Party leader)
Schools: Jan Björklund (Liberal)
Agriculture: Eskil Erlandsson (Centre)
Culture: Cecilia Stegö Chilò
Local Government and Financial Markets: Mats Odell (Christian Democrat)
EU: Cecilia Malmström (Liberal)
Trade: Maria Borelius (Moderate)
International Development Cooperation: Gunilla Carlssson (Moderate)
Public Health: Maria Larsson (Christian Democrat)
Social Insurance: Cristina Husmark Pehrsson (Moderate)
Environment: Andreas Carlgren (Centre)
Defence: Mikael Odenberg (Moderate)
Justice: Beatrice Ask (Moderate)
Migration: Tobias Billström (Moderate)
Integration and Equality: Nyamko Sabuni (Liberal)
Employment: Sven Otto Littorin (Moderate)
Infrastructure: Åsa Torstensson (Centre)