The 15-nation council adopted the resolution with 14 voting in favor, and Venezuela abstaining.
The resolution decides to authorize the EU and other countries to inspect vessels that are suspected of being used for migrant smuggling or human trafficking from Libya.
It also authorizes member states to seize or even dispose of suspected vessels in accordance with international law.
The resolution emphasizes that migrants should be treated with humanity and dignity and their rights should be fully respected.
British Ambassador to the UN Matthew Rycroft says any action should be taken proportionally.
"Actions will be proportional. It will be keeping within the limits described very clearly in the resolution. And actions will used solely on smugglers and their boats. Any migrants encountered in this part of the operations will be taken to Europe as part of established procedures," said Rycroft.
China's UN ambassador Liu Jieyi says the Chinese side hopes the solution will help address the crisis appropriately.
"We hope member states can comprehensively and accurately implement Resolution 2240, and respect other countries' sovereignty, independence and territorial integrity. The top priority should be saving lives and preserving people's dignity and all actions should be conducted in accordance with international law," Liu said, "The causes of the illegal migrant issue are complicated. The international community should adopt a comprehensive approach, focusing more on tackling root causes including extreme poverty, social instability as well as armed conflicts."
The International Organization for Migration says nearly 3,000 people have drowned while attempting to cross the Mediterranean this year, with almost 560-thousand having reached Europe.
Libya has been witnessing a frayed political process after former leader Muammar Gaddafi was toppled in 2011.
Two rival parliaments are struggling for power and several groups have been fighting for control of national resource wealth.
