The grime artist says he has acted to ensure young people from all backgrounds know they can get the best education.
The scholarship aims to encourage the admission of more black students to top universities, after none got into some Cambridge University collages between 2012 and 2016.
Two Cambridge students this year and two next year will have their fees paid for by the scholarship.
Stormzy, 25, made the announcement at his former school the Harris City Academy in Croydon, south London, where A-level students were this morning opening their results.
The rapper told the BBC: “If you’re academically brilliant, don’t think because you come from a certain community that studying at one of the highest education institutions in the world isn’t possible.
“I was always reminded by my teachers that I was destined, if I wanted, to go down that road and study at one of the top universities.”
Stormzy, real name Michael Ebenazer Kwadjo Omari Owuo Jr, revealed he had ambitions to study at either Oxford or Cambridge when he was at school.
“I diverted and ended up doing music so it didn’t happen for me. I thought I was quite a rare case in that I knew that was possible.”