The pitch, which began in June, dwindled to a two-agency shortlist last month after MEC withdrew from the process.
The win extends OMD’s relationship with the drinks giant as the agency already handles Pepsi’s food business in China as well as its media planning and buying in the US.
The news comes during an active year for Pepsi in China, prompted through the brand’s announcement that it looks to invest $1 billion in the market within the next three years.
In August, Pepsi China hired TBWA's Integer as its agency-of-record for retail communications last August. Integer China will also work closely with Pepsi’s above-the-line agencies BBDO and DDB.
In July, Pepsi also launched a version of its international TV ad 'The Rising' in China, and sponsored a Pop Idol-like music contest in the market earlier this year.
Representatives of OMD declined to comment on the win.