The 19-year-old forward arrives at the Etihad Stadium from Atletico Nacional and has signed a five-year deal.
“City are one of the best clubs in the world," the teenager told the club's official website.
"It will be nice to experience being part of such a big club. I want to make the most of it.
“Pep Guardiola is one of the best managers in the world. I think he likes young players very much and he can improve young players tactically and technically. It will be great to work with him and to be part of a great team.”
Moreno becomes City's seventh signing of the summer, following the acquisitions of Leroy Sane, Ilkay Gundogan, Nolito, Oleksandr Zinchenko, Gabriel Jesus and Aaron Mooy.
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