The former supermodel, 42, announced the news on Instagram by sharing a photo of a newborn baby's striped hat.
Alongside the photo, she revealed her baby's name, York Banks Asla, and gushed over her joy at becoming a mother, having previously opened up about fertility struggles.
"The best present we worked and prayed so hard for is finally here," Banks wrote.
"He's got my fingers and big eyes and his daddy Erik's mouth and chin," Banks continued.
"As we thank the angel of a woman that carried our miracle baby boy for us, we pray for everyone who struggles to reach this joyous milestone. York Banks Asla, welcome to the world."
Banks also confirmed the news to PEOPLE, explaining she wanted to give hope to other women who are struggling to conceive.
"The journey to now has not been an easy process, as I’ve shared before," she said.
"But there was a beautiful bright light at the end of the tunnel for me and his father, Erik.
"I think about all the people who struggle with fertility or carrying a child and continue to pray for them every day."
Banks has previously opened up about her and her partner Erik Asla's fertility struggles and revealed they've undergone IVF procedures in the hope of conceiving.
In September 2015, speaking on her show FABLife with Chrissy Teigen, Banks tearfully opened up about her hopes for a family.
"I'm so tired of seeing on my social media: 'Why don't you have kids, why don't you have kids?'" she said.
"You don't know what I'm going through, you have no idea."
Banks met Asla, who is a photographer, three years ago on the set of 'Norway's Next Top Model'.
Parker gave birth to her first child, son James Wilkie, but welcomed twins Tabitha and Marion via a gestational surrogate in 2009.
Harris and Burtka are the proud papas of twins Harper and Gideon, who were born via surrogate in 2010.
Kidman gave birth to the couple's first child Sunday Rose, but used a surrogate to welcome their second daughter, Faith, in Dec. 2010.
John and Furnish's two sons, Zachary and Elijah, were born via surrogate.
Banks and her husband have welcomed both their sons via a gestational carrier.
The Oscar-winning actor and his wife welcomed daughter Helen Grace in 2011 via surrogate.
The former couple used a surrogate mother to welcome their two children Mason and Jude.
Martin was able to become a father thanks to a surrogate mother. He welcomed twin boys Matteo and Valentino in 2008.
Jackson's youngest child, Blanket, was born via a surrogate mother in 2002. His ex-wife Debbie Rowe is the mother of his son Prince and daughter Paris.