The North Vancouver-born Bedard, who was part of Canada's World Junior Championship winning team and won a host of Canadian Hockey League awards last season, is rated as one of the most exciting prospects in years.
"This is incredible," Bedard told Sportsnet at the draft event in Nashville.
"Just being here with my family, it's a dream come true. To be selected by Chicago, it's a storied franchise there. I can't wait to get to work."
The right-shot centre was named the Canadian Hockey League player of the year and was also top scorer, after leading the Western Hockey League in goals (71) and points (143) in 57 games with Regina Pats.
He was the first player in the WHL to have more than 140 points in a single season since 1995-96.
"He’s a great player, great person," Blackhawks general manager Kyle Davidson said ahead of the draft.
"Everyone has seen how he’s handled himself in the lead-up to this draft. Obviously (he’s had) a lot of attention, but he’s shown a maturity beyond his years. He’s 17 years old, but you’d never know it based on how he’s handled things," he added.
Bedard is expected to make his NHL debut on October 10th in Pittsburgh against the Penguins in what is likely to be a new-look Chicago line-up.
The Blackhawks also took centre Oliver Moore, from the University of Minnesota, with the 19th pick.
The Anaheim Ducks took Sweden's Leo Carlsson with the number two pick after he impressed in his homeland with Orebro.
A left-shot centre, the 18-year-old was number one on NHL Central Scouting's ranking of international prospects.
"Leo has tremendous hockey IQ with the potential to dominate at both ends of the ice," Ducks general manager Pat Verbeek said.
"His size, creativity, strength and skill was evident when we watched him play in Sweden against professionals. With our long-term plan to build a perennial contender, we believe he projects incredibly well for what we are building. We are thrilled to add him to our stable of elite prospects."
The Columbus Blue Jackets selected University of Michigan centre Adam Fantilli with the third pick.
