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Speaking on an episode of ITV 2 show Celebrity Juice that will air on Thursday night, Tom declared, "I am a gay man now."
The 19-year-old Olympic diving champion, who was on the show with actor Joe Swash, comedian Alex Brooker and X Factor winner Sam Bailey, added that his relationship with 39-year-old screenwriter and director Dustin Lance Black is "all good" at the moment.
The couple were recently spotted shopping at Westfield Stratford City Mall in London, where Dustin was photographed affectionately fixing Tom's hair as the pair stood on an escalator.
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It was Tom's relationship with LGBT rights activist Lance that prompted him to come out in December 2013.
Celebrity Juice posted a sneak preview of the show
Tom released a YouTube video to his fans, which he circulated on Twitter with the caption: "Got something I need to say...not been an easy decision to make, hope you can support me!"
He began the five-and-a-half minute clip by saying: "Most of you are probably wondering why I'm doing this video. My life's been a bit of a rollercoaster to say the least.
"In spring this year my life changed massively when I met someone, and they make me feel so happy, so safe and everything just feels great," he added, before revealing: "That someone is a guy.
"It did take me by surprise a little bit. It was always in the back of my head that something like that could happen," Tom went on. "But it wasn't until spring this year that something just clicked. It felt right and I thought 'Okay'. And my whole world changed there and then."
Tom told Celebrity Juice presenters Keith Lemon, Holly Willoughby and Fearne Cotton that he was "terrified" about revealing the news of his sexuality.
"I told my family before I told the world," he said. "I was terrified. I did not know what the reaction was going to be."
Tom was inundated with positive messages from his supporters and famous fans alike, with Lady Gaga calling him "inspiring and brave" and Kylie Minogue using the hashtag "RespectTom".