Once approved by Parliament, the new law is expected to go into effect within the next few weeks as part of a broader package of laws aimed at reducing sexual violence and harassment.
Any sexual act by an adult with a child younger than 15 can be prosecuted as a sexual offence under current French law.
French Equality Minister Marlène Schiappa has welcomed a move by the country which aims to fix the legal age of sexual consent as 15, making sex between an adult and someone of that age and below to be considered as rape.
It would be the first law of its kind in France, where there is now no law that states a child below a certain age is considered incapable of consenting to sex.
Sentences are the same for sexual assaults of minors and non-minors, but rape convictions carry much harsher punishments.
Equality Minister Marlène Schiappa told reporters that "the government has made a decision to set the age at 15", after widespread criticism broke out against the laws that allowed two men to escape rape charges following sexual misconduct with underage girls.
France now has no age of consent.
In a separate case, a 29-year-old man was originally told he should not face charges of rape because there was no evidence the 11-year-old was coerced.
"Since then lawmakers and child-protection groups have been urging the government to set a minimum age of consent, as is the case in many European countries, with suggested ages ranging from 13 to 15".
Schiappa said she was "very glad" that the government had chosen 15, as recommended by a panel of doctors and legal experts, an age long sought by associations fighting violence against children.
Earlier, officials had discussed setting the age of consent at 13; however President Emmanuel Macron, among others, argued for it to be older.
Last year, a 30-year-old man was acquitted of rape after a court decided that an 11-year-old he had sex with was not subjected to "constraint, threat, violence or surprise".
But the same court reversed its decision last month, saying the accused should face rape charges.
Once implemented it will criminalize any sexual conduct with any minor under that age.