"I welcome the fact the Bloody Sunday murder probe will restart," Sinn Fein's Raymond McCartney, a member of the Northern Ireland Assembly, said in a statement.
The new investigation will be led by a team of 12 detectives who will begin re-examining the case next week.
On January 30, 1972, thousands of people gathered in Londonderry for a civil rights march through the city. British Army personnel blocked the original route but some demonstrators continued to move toward the soldiers, throwing stones at them.
The British military personnel used water cannons, tear gas and rubber bullets to disperse the crowd, with some paratroopers eventually opening fire.
Detectives are expected to interview former soldiers and civilians who were present during the march. In 2010, a public inquiry, known as the Saville inquiry, found that soldiers had opened fire on protesters without warning.
