The rule will apply to certain tractors, trucks and buses built in 2014 through 2018, among other heavy-duty vehicles.
"While we were working to improve the efficiency of cars and light-duty trucks, something interesting happened," Obama said in a statement. "We started getting letters asking that we do the same for medium and heavy-duty trucks. They were from the people who build, buy, and drive these trucks."
The Obama administration predicts the cuts will reduce oil consumption by 530 million barrels and greenhouse gas pollution by approximately 270 million metric tons.
This is the first national policy to increase fuel efficiency and decrease greenhouse gas pollution from medium and heavy-duty trucks, the president added.