It will come into effect from the first of next month. For a better reflection of current performances, the new ranking will be match-based instead of tournament-based calculation.
The world body governing hockey said that the new model removes much of the subjectivity surrounding continental weighing by creating a system which is fair to all.
The outgoing world ranking system was in existence since 2003. It was originally devised to allocate teams into pools at tournaments.
The old model allowed nations to earn ranking points two to three times per year.