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Key points:
- Supreme Court voted against Government 8–3
- Triggering Brexit now only possible by an "Act of Parliament"
- Court also decided no need for Scotland, Wales or Northern Island to give assent before Brexit
The highest judicial body in the UK dismissed the Government's argument that Ms May could simply use executive powers known as "royal prerogative" to invoke Article 50 of the EU's Lisbon Treaty.
Supreme Court President David Neuberger said the vote was a majority of eight-to-three.
The court also unanimously decided there was no need for Scotland, Wales or Northern Ireland to give their assent before Brexit starts.
"The referendum is of great political significance, but the Act of Parliament which established it did not say what should happen as a result," Mr Neuberger said.
"So any change in the law to give effect to the referendum must be made in the only way permitted by the UK constitution, namely by an Act of Parliament."
Ruling 'does nothing' to change March timeline
Ms May has repeatedly said she would trigger Article 50 before the end of March, but she will now have to seek the consent of Parliament first.
However, a spokesperson for Ms May said the High Court ruling "does nothing to change" those plans.
"It's important to remember that Parliament backed the referendum by a margin of six-to-one and has already indicated its support for getting on with the process of exit to the timetable we have set out," the spokesman said.
"We respect the Supreme Court's decision, and will set out our next steps to Parliament shortly."
UK Attorney-General Jeremy Wright said the Government would comply with Supreme Court's ruling.
A spokesperson for Opposition Labour Leader Jeremy Corbyn said the party would "not frustrate" the process for invoking Article 50, but would be looking to amend the bill.
"Labour will seek to amend the Article 50 bill to prevent the Conservatives using Brexit to turn Britain into a bargain basement tax haven off the coast of Europe," the spokesperson said.
"Labour is demanding a plan from the Government to ensure it is accountable to Parliament throughout the negotiations, and a meaningful vote to ensure the final deal is given parliamentary approval."
The ruling raises hopes among pro-EU politicians that they will be able soften the terms of the UK's withdrawal from the bloc.
Leave campaigners have objected, saying Parliament should not have the power to overrule the electorate, which voted to leave the EU in a June 23 referendum.
This potentially means that her plans could be amended or delayed, although the main opposition Labour Party has said it would not slow her timetable.
Last week Ms May set out her stall for negotiations, promising a clean break with the world's largest trading bloc as part of a 12-point plan to focus on global free trade deals, setting out a course for a so-called "hard Brexit".
Investors 'can focus on other things' after ruling
The British Sterling initially rose on the news that the Government had lost its appeal, but it then fell over half a cent against the dollar and the euro after the court ruled that Britain's devolved assemblies — Scotland, Wales and Northern Ireland — did not need to give their assent to triggering Article 50.
Sterling last traded down 0.6 per cent on the day at $US1.2463 ($1.65).
The FTSE 100 rose 0.4 per cent on the day to 7172.64.
"The court ruling is a slap in the face of the British Government," said Jawaid Afsar, senior trader at Securequity.
"However, Parliament is likely to give its approval and the Brexit timeline could remain on track. As far as investors are concerned, one more uncertainty is now out of the way and they can focus on other things."
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