The 81-year-old lawmaker introduced Anne Garland Walton as his fiancee during a "Candidate Sunday" event at an Anchorage mega-church Sunday, the Associated Press reported.
Walton, a flight nurse from Fairbanks, said later that no date had been set, the AP reported. She said the engagement has been unofficial for some time.
Walton is in her 70s, according to Young spokesman Matt Shuckerow.
The congressman was married to Lu Young for 46 years until her death in 2009. The couple had two children.
Young, who has served in the House since 1973, is running for re-election.
The lawmaker is perhaps best known for his association with the 2005 "bridge to nowhere" controversy in which he tried to steer more than $220 million for the construction of an enormous bridge linking mainland Alaska to a sparsely populated island. After being criticized heavily by both the pubic and congressional colleagues, the project was defunded.