"We have just found La Minerve, it is a success, a relief and a technical feat," Parly wrote on Twitter. "I'm thinking of the families who have been waiting for this moment for so long."
A research expedition to find the submarine that disappeared in 1968 began after families of the 52 missing appealed to the Defence Ministry in October.
The wreckage was found in 2,370-metre-deep water 45 kilometres off the coast of Toulon by the US ship Seabed Constructor.
The ship's private owner, Ocean Infinity, used underwater drones to locate La Minerve.
Ocean Infinity also found the San Juan submarine that sunk off the coast of Argentina in 2017.
Ocean Infinity is pleased to confirm that it has been successful in its search for ARA San Juan, the Argentine Navy submarine which was lost on 15 November 2017: https://t.co/85BvVoz55pOcean Infinity (@Ocean__Infinity) November 17, 2018
The French military submarine sunk in four minutes on 27 January 1968. Despite emergency relief operations carried out immediately – including one led by the celebrated French explorer and inventor Jacques Cousteau in his mini-submarine – La Minerve was never located, until now.