The deal, approved by an Israeli cabinet committee in November, follows Israel’s purchase in 2010 of 19 F-35s, manufactured by Lockheed Martin Corp (LMT.N).
In a statement, the ministry said an agreement to buy the 14 additional aircraft was signed over the weekend and included an option for another 17 of the planes.
Israel’s first two F-35s will arrive by the end of 2016, with deliveries scheduled to be completed by 2021, the ministry said.
The Pentagon plans to spend nearly $400 billion to develop and build 2,457 of the radar-evading aircraft over the next two decades for the U.S. military and its allies.
Israel is the top recipient of US foreign aid, received over $3.1 billion in 2014