The 22-year-old 'Hunger Games' star proposed the 19-year-old singer-actress with a 3.5-carat diamond ring last Thursday and Miley took to Twitter to express her happiness about her engagement.
"I'm so happy to be engaged and look forward to a life of happiness with Liam Hemsworth. I feel like all my dreams are coming true. Life is beautiful," Miley tweeted.
Hemsworth also expressed his joy saying, "Thank you for all the support. We are both very happy."
The actor, who is currently shooting "Empire State" in New Orleans, said the ring that he gave Miley was "hand-cut around 1880 or 1890 and it's unique and in its original form".
"It's a contemporary design based on vintage aesthetics. The light flashes and sparkles no matter where she moves her hand," he said.
Miley, who shot to fame with Disney show 'Hannah Montana', has been dating Hemsworth for three years. They met in 2009 on the set of their film 'The Last Song', in which they co-starred, and split briefly in 2010 before reconciling a month later.
Miley's father Billy Ray Cyrus, who also starred in 'Hannah Montana', congratulated the couple. "All I ever hoped for as a Daddy was to see my kids reach their dreams. To find happiness... peace of mind... and someday know... true love," he posted.