In the video entitled 'Something I want to say' the
19-year-old admits that "in an ideal world I shouldn't be doing this
video because it doesn't matter", before talking about his relationship
with men and women.
The London 2012 bronze medallist said he has dated girls in the past but "never had a serious relationship to talk about" before adding "until spring of this year."
"My live changed massively when I met somebody and they made me feel so happy and safe and everything just feels great and, well, that someone is a guy.
"It did take me by surprise a little bit. It was always at the back of my head that something like that could happen but it wasn't until spring this year that something just clicked, it felt right and my whole world just changed there and then.
"Of course I still fancy girls but right now I'm dating a guy and I couldn't be happier and it makes me feel safe."
Daley won a bronze medal at London 2012, the only diver to medal for Team GB, while Britain won just three medals (two bronze and one silver) in swimming.
He also found time to secure grade As in all his A-levels last summer and all this came just over a year after the tragic early death of his father.
Daley burst on to the scene when he made an Olympic final in Beijing at the age of 13.
He then went on to win gold in the 10 metre platform at the age of just 15 in Rome in 2009 – the same event that he then won bronze in at the London Olympics.
"People are going to make a big deal of this," admitted Daley in the video.
"Is it a big deal? I don't think so, people will call me a liar, it's going to be big, but I wanted to say something and I feel like now I'm ready and I wanted to do it.
"People will think 'what would your dad say', but he always said to me 'as long as you're happy, I'm happy' and right now I'm happy."
Daley said that he had told his mother and closest friends about the news and they were all very supportive but after telling the rest of the people in his life about the relationship, opinions "were mixed" and some discouraged him from doing the video and suggested a statement or a magazine/television interview.
"But I didn't want to get my words twisted, I wanted to put an end to all the rumours and speculation and just say it and tell you guys because that's what I want to do," he said.
"My friends and family are always there to support me and I hope you guys are too.
"I'm still Tom, I still want to win an Olympic gold medal in Rio 2016 for Great Britain. I'm still as motivated as ever and it would be great to have you guys on that journey too."
Daley later tweeted: "Overwhelmed by all the support! Means the world! Thanks so much guys".
British Swimming chief David Sparkes said: "Everybody within British Swimming supports Tom and his announcement. It's a very private matter and doesn't change the very positive way in which we will continue to work with Tom.
"Tom is one of the world's leading athletes and has achieved success at every level of competition including Olympic bronze and world gold," he added.
"I hope the media will give Tom the privacy he deserves to allow him to continue to focus on performance as he continues to be an inspiration and role model to millions around the globe."
Daley's former mentor Leon Taylor, who won silver at the 2004 Olympics in the synchronised 10m diving, told the BBC: "Tom is an inspiration to so many people and I think this is just going to add to the amazing influence he has."
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