The 21-year-old disappeared after a night out with friends at the Welly nightclub in Beverley Road in the early hours of Feburary 1.
Following extensive searches, her body was recovered from the Humber Estuary just over six weeks later on Wednesday, March 20.
The Crown Prosecution Service has now confirmed Pawel Relowicz, 25, of Hull, has been charged with Libby's rape and murder.
Chief Crown Prosecutor Gerry Wareham, said: “Following the death of Libby Squire in Hull on 1 February, the Crown Prosecution Service has today authorised Humberside Police to charge Pawel Relowicz, 25, with rape and murder. Libby’s family have been informed.
“This decision was made following a careful review of all the evidence presented to us by Humberside Police as a result of their lengthy and complex investigation.
“Criminal proceedings against Mr Relowicz are now active and he has a right to a fair trial. It is extremely important that there should be no reporting, commentary or sharing of information online which could in any way prejudice these proceedings.”
Detective Superintendent Martin Smalley, of Humberside Police, said: “Pawel Relowicz, 25, has been charged with the rape and murder of 21-year-old Libby Squire in February this year.
“Libby was reported missing in the early hours of Friday 1 February this year after a night out in Hull with friends. Sadly, Libby’s body was recovered from the Humber Estuary just over six weeks later on Wednesday 20 March.
“My heartfelt thanks go out to Libby’s parents for their continued understanding and patience throughout the investigative process.
“They have been updated on all of the developments in the investigation and we will continue to support them moving forward and throughout the court proceedings.”
Professor Susan Lea, University of Hull Vice-Chancellor, said: "My thoughts, and those of my colleagues and our students, are with Libby’s family and friends at this time.
“Libby was and always will be part of our community, which is strong and supportive, and we will continue to support our colleagues and students over the forthcoming months."
Relowicz, formerly of Raglan Street, Hull, was charged this morning with the offences following his arrest in August this year.
He will appear at Hull Magistrates Court on October 30.