Toy maker Hasbro announced the changes on Wednesday morning, hours after voting on Facebook closed
Fans from 120 countries voted.
The wheelbarrow, shoe and iron had been neck and neck for elimination through the Save Your Token Campaign. The new additions that people could vote for, as well as the cat, included a robot, a diamond ring, helicopter or guitar.
"We put five new tokens out for our fans to vote on and there were a lot of fans of the many different tokens, but I think there were a lot of cat lovers in the world that reached out and voted for the cat to be the new token for Monopoly," said Jonathan Berkowitz, vice president for Hasbro gaming marketing.
"Tokens are always a key part of the Monopoly game ... and our fans are very passionate about their tokens, about which token they use while they play," he added.
The eight tokens identify the players and have changed quite a lot since Parker Brothers bought the game from its original designer in 1935. The latest changes mark the first time that fans have had a say on which piece to add and which one to toss.
The online contest to change the tokens was sparked by chatter on Facebook, where Monopoly has more than 10 million fans.
Monopoly's tokens originated when the niece of game creator Charles Darrow suggested using charms from a charm bracelet for tokens. The real-estate trading game is based on the streets of Atlantic City, New Jersey, and has sold more than 275 million games worldwide.
The eight tokens are an iron, race car, Scottie dog, a shoe, thimble, top hat, wheelbarrow and battleship. Most of the pieces were introduced with the first Parker Brothers iteration of the game in 1935, and the Scottie dog and wheelbarrow were added in the early 1950s.
Versions of Monopoly with the new token will come out later this year.