"I just got engaged!" McCarthy exclaimed, before jumping around the talk show's set, showing off her yellow sapphire ring.
Wahlberg, who joined his fiancée on stage, enlisted the help of McCarthy's son Evan, 11, when he got down on one knee last weekend. As for the wedding date, McCarthy said the couple was undecided, but that August 2015 was an option.
Before the episode aired, McCarthy teased the big announcement. "Turn on #theview," she tweeted. "It's gonna be a goooood one. :)"
After the segment aired, Wahlberg added, "#Happy."
The couple have been dating since last summer. This will be the second marriage for Wahlberg, 44, who has two sons from his marriage to Kim Fey. McCarthy, 41, was previously married to Evan's father, John Asher, and dated Jim Carrey for five years.
Watch McCarthy's announcement below.