The junior left-hander celebrated with family, friends and teammates inside the indoor practice facility when the announcement was made, before being interviewed by the MLB Network's panel of analysts, including Hall of Fame writer and broadcaster, Peter Gammons.
Pomeranz was originally selected by the Texas Rangers in 2007.
"I think I needed to come to college for a few years and refine a few things, like my mechanics," Pomeranz said. "I came (to Ole Miss) three years and played in the best conference in the country. You pick up things here and there."
Pomeranz is the third Ole Miss player in the last four years to be take in the first round, joining Chris Coghlan of the Florida Marlins and Lance Lynn of the St. Louis Cardinals, who were supplemental first-round selections in 2006 and 2008, respectively.
Other notable alumni selected by Cleveland include Stephen Head and Jordan Henry.
Henry is currently a member of the Kinston Indians, Cleveland's Class A Advanced Carolina League affiliate. Head, meanwhile, has since joined the Southern Illinois Miners of the Frontier League, an independent professional baseball team.
"With me, I'm mostly a two-pitch guy in college," Pomeranz told the MLB Network. "There's really been no need for a changeup with me. I'm very aggressive with the fastball. I go right after hitters and have good rotation with that. This year, I've really helped myself by locating my curveball a lot. The biggest thing would be developing a changeup or just throwing it more."
Pomeranz finished his senior season with a 2.24 ERA and 9-2 record. He accumulated 139 strikeouts over 100.2 innings pitched, with a meager .195 opponent's batting average. In 16 starts, he allowed only seven home runs and 71 hits.
Pomeranz, a native of Collierville, Tenn., broke onto the scene as a freshman in 2008, when he made 17 appearances and was named a Freshman All-American and All-SEC Freshman selection. He turned in 71.1 innings of work and a 4-3 record. He struck out 81 and walked 30, with a 4.16 ERA.
He followed as a sophomore by being named to the All-SEC second team. He started 16 games on the season with an 8-4 record and a team-leading 3.40 ERA among starters. He struck out 124 batters in 95.1 innings, and tallied two complete games.