Hatters skipper Lockyer collapsed in the 59th minute of Saturday's match at the Vitality Stadium after suffering a cardiac arrest, which led to the game being abandoned with the score at 1-1.
The rescheduled fixture will take place at a later point in the season, although a date has still yet to be decided.
"Following the on-field medical emergency involving Luton Town FC player Tom Lockyer, the Premier League Board has decided last Saturday's AFC Bournemouth v Luton Town FC fixture will be replayed in full," an official statement read.
"The game will be rescheduled for later in the season, with a date to be confirmed following consultation with relevant parties.
"The decision to abandon the match in the 59th minute was made collectively between the match officials, players, managers from both clubs and the Premier League.
"The League would like to thank the medical staff and all those involved for their swift actions in responding to what was an extremely upsetting situation for everyone. We wish Tom a continued recovery and our thoughts are with him, his family and all those at Luton Town FC."
Lockyer received medical attention on the field before being taken off on a stretcher and receiving further treatment in the stadium's tunnel.
Referee Simon Hooper then took the remaining Bournemouth and Luton players off the pitch before the match was abandoned a few minutes later.
Lockyer was said to have been "responsive" shortly after collapsing and after being taken to hospital for further testing, Luton confirmed he had suffered a cardiac arrest.
The ordeal comes just months after he experienced a similar incident in the Championship play-off final in May when he collapsed in the first half of Luton's victory over Coventry.
It was later confirmed that he had suffered atrial fibrillation but recovered in hospital after undergoing surgery.