The murder was instrumental in the development and spread of the Black Lives Matter movement.
Following a public consultation exercise last year, it was decided the new pillar inscription in MK would will mark 25 May and Black Lives Matter.
Rev Edson Dube, who led the campaign to have the inscription on behalf of the MK Council of Faiths, said: "25th May is a date which globally will forever be commemorated and remembered for the crime that was committed against Mr. Floyd in Minneapolis.
"This date is one of deep importance to both the city and the people of Milton Keynes as the date stands as a consistent reminder of the need to eradicate hate, racism and prejudice from our community and the world."
Debbie Brock, Chair of the Milton Keynes Rose Trust said: "The Trust is grateful for the considered and helpful nomination it received in favour of the Black Lives Matter pillar and welcomes the day being commemorated for many years into the future to remind us of the horrific murder of George Floyd and to affirm that in Milton Keynes Black Lives Matter."
A place for Celebration, Commemoration and Contemplation
The Milton Keynes Rose was installed in Campbell Park in 2013 as a public place available to everyone for celebration, commemoration and contemplation.
It consists of is a vast open-air circle with markings based on the mathematical beauty of a flower. There are 106 granite pillars of varying heights, and these can be inscribed with dates of events that have local, national or international significance.
A spokesman said: “The Milton Keynes Rose provides a place where citizens and visitors can gather to mark national, local or personal occasions, be they historical, in joy or in remembrance. It is a place where hundreds can gather to mark Armistice Day or one person can remember another in a personal moment. It is not a sombre place, but a place of coming together and celebration.”