A Walmart truck crashed in to the back of Morgan's limo in June 2014, with prosecutors alleging the driver had not slept for more than 24 hours.
Comedian James McNair, known as Jimmy Mack, was killed in the crash.
Morgan's lawyer, Benedict Morelli, said Walmart "took full responsibility for the accident".
All sides had worked hard to reach the undisclosed agreement, he added.
Morgan said Walmart "did right by me and my family, and for my associates and their families".
"I am grateful that the case was resolved amicably.''
A representative for supermarket giant Walmart also called it an "amicable settlement".
Morgan, 46,  was left in a critical condition following the crash, suffering a traumatic head injury, a broken leg, nose and ribs.
In March, his lawyer said the star had not yet been able to get back to work but was "working very hard to get better, physically, emotionally and mentally."
The comedian, who rose to fame on Saturday Night Live, will give his first interview since the crash to NBC's Today on Monday, 1 June.
Morgan will be interviewed by Matt Lauer live in the Rockefeller Center - which was the setting for 30 Rock - and will be joined by his lawyer Benedict Morelli.
Walmart had previously reached an agreement with the family of James McNair, 62, who grew up with Morgan in New York.
Their driver, Kevin Roper of Jonesboro, Georgia, has pleaded not guilty to death by auto and assault and is currently on bail.
Comic and 30 Rock star Tracy Morgan has settled his legal case against Walmart over a crash which left him seriously injured, and killed his friend.