A statement by Pimco said Dr Bernanke will contribute his "economic expertise and insights to the firm's investment process", as well as "periodically engaging Pimco's clients".
Pimco chief executive Douglas Hodge said the firm was "honoured to have Dr Bernanke serve as an adviser".
"[We] look forward to benefiting from his extraordinary knowledge and expertise to help us add value for our clients," Mr Hodge said.
"[Dr Bernanke's] unrivalled experience in navigating the global economy through the financial crisis will provide Pimco's investment professionals with unique insights as we help our clients amidst a challenging and uncertain period for global markets in coming years."
Pimco group chief investment officer Daniel Ivascyn said Dr Bernanke's recent participation in two of Pimco's quarterly economic forums provided "significant insights about global macroeconomic issues and monetary policy".
"We are confident that our ongoing relationship with him will further enhance our robust investment process," Mr Ivascyn said.
For his part, Dr Bernanke said he was "delighted to work together with PIMCO’s strong team of investment professionals and contribute to its investment process in my role as an advisor to the firm".
