A Walmart truck crashed in to the back of Morgan's limo in June 2014, with prosecutors alleging the driver had not slept for more than 24 hours.
Comedian James McNair, known as Jimmy Mack, was killed in the crash.
Morgan's lawyer, Benedict Morelli, said Walmart "took full responsibility for the accident".
All sides had worked hard to reach the undisclosed agreement, he added.
Morgan said Walmart "did right by me and my family, and for my associates and their families".
"I am grateful that the case was resolved amicably.''
A representative for supermarket giant Walmart also called it an "amicable settlement".
Morgan, 46,  was left in a critical condition following the crash, suffering a traumatic head injury, a broken leg, nose and ribs.
In March, his lawyer said the star had not yet been able to get back to work but was "working very hard to get better, physically, emotionally and mentally."
The comedian, who rose to fame on Saturday Night Live, will give his first interview since the crash to NBC's Today on Monday, 1 June.
Morgan will be interviewed by Matt Lauer live in the Rockefeller Center - which was the setting for 30 Rock - and will be joined by his lawyer Benedict Morelli.
Walmart had previously reached an agreement with the family of James McNair, 62, who grew up with Morgan in New York.
Their driver, Kevin Roper of Jonesboro, Georgia, has pleaded not guilty to death by auto and assault and is currently on bail.

The 65-year-old woman and dog living in the home escaped without injury and were led to safety by firefighters.
The man taken to hospital is in his 20s and is believed to have been the driver of the car.
It happened in Fairfield Street in the Nottinghamshire town of Bingham shortly after 23:00 GMT on Saturday.
Firefighters who attended the crash said it also involved two other parked cars.
John Betts, who lives nearby, saw emergency services helping someone trapped in one of the cars.
"It looked pretty horrendous when I saw them," he said.
"I saw the frontage of the house was totally taken out and the curtains were billowing out of the house.
"I know the lady there, that's why I've come down to see if she was all right."

Passengers arrived safely at their destination after the 31 August incident, in which an A321S plane was used instead of a A321H.
The A321S has less safety and medical equipment on board than the A321H.
American Airlines is investigating the plane mix-up with the Federal Aviation Administration.
"Whether the plane was going to make it there was never a question," company spokesman Casey Norton told the BBC.
Mr Norton said the two planes are equipped with the same engine, fuel tanks, range and basic safety features.
The A321H plane, because it is used for long flights, comes with more medical supplies and safety features like fire suppression.
"We're reviewing our procedures and looking at everyone involved," Mr Norton said.
The airline has revised its software to properly identify the correct aircraft are operating the correct routes, he said.
He said the A321S plane flies over water regularly for many missions but is not extended-range twin-engine operational performance standards (ETOPS)-certified, which the airline requires for flights to Hawaii.
The A321S plane comes with four slide-rafts and a portable raft, along with life jackets and seat cushions that can be used as flotation devices, the same as the A321H, Mr Norton said.
Comic and 30 Rock star Tracy Morgan has settled his legal case against Walmart over a crash which left him seriously injured, and killed his friend.
[NEXT_CONCEPT]
A man has been taken to hospital after a car crashed into a parked car and a house.
[NEXT_CONCEPT]
A plane not certified to travel for long distances over water was used to fly from Los Angeles to Hawaii last month, American Airlines has confirmed.