Devine stepped into the captaincy when Satterthwaite took leave last year to have her first child with wife and team-mate Lea Tahuhu and led the team at the T20 World Cup in Australia where they were knocked out in the group stage.
She is now set to lead the side at the home one-day World Cup next February and March should that tournament retain its spot in the schedule amid the fallout from Covid-19.
"It's a huge honour and privilege to be awarded the White Ferns captaincy," Devine said. "I thoroughly enjoyed my time as captain over the past season. It was challenging results-wise at times, but I feel we are moving in the right direction as a team, both with our cricket and our team culture.
"I'm very much looking forward to working with Amy who has an exceptional cricketing brain and I feel we can form a strong leadership partnership in combination with a well-established leadership group."
Devine has enjoyed a prolific run of form over the last 18 months and became the first player to score five consecutive fifty-plus scores in T20Is with a century against South Africa, a run she extended to six when she opened her T20 World Cup campaign with an unbeaten 75 against Sri Lanka.
"Sophie is a strong leader, she has her own style and knows what she wants from herself and the team," head coach Bob Carter said. "It's a testament to her ability as a leader that her performance with the bat last summer went to a new level. She leads with her actions and the team responds well to her leadership style.
"Amy is on the comeback to cricket after giving birth and she is progressing really well. Having her experience, knowledge and leadership working alongside Sophie is only going to benefit the team."
Satterthwaite said: "I'm looking forward to returning to international cricket and doing my best to support Sophie and the team."
New Zealand are due to return to international action with a tour to Australia starting in late September to play three ODIs and three T20Is. They will begin pre-season preparations with a training camp in Lincoln next week.