The Cats nabbed Delaney, who the Kangaroos had committed to reselecting as a rookie, with their second pick – No.32 overall.
The 22-year-old was still under contract with the Kangaroos for 2015.
Delaney managed just six games in four injury-interrupted seasons at Arden Street and the 194cm Geelong Falcons product failed to play a match last season.
Earlier, Geelong secured 200cm project ruckman/forward Tom Read from SANFL club Sturt with pick 16.
Read was a part of South Australia's under-18 championships team that went back-to-back in 2014.
After a busy off-season where the Cats targeted height and pace, list and recruiting manager Stephen Wells told AFL.com.au he was happy with the new additions.
"It was good to get a mix of players through the trade and draft period – plenty of talls and plenty of midfielders – and we hope that we've improved our list," Wells said.
Selection No.16 – Tom Read (Sturt)
Stephen Wells says: "He's a project player, very much a developing player who will take a while. He's got good athleticism, he's a very good mark and he's got a smart footy brain."
Selection No.32 – Cameron Delaney (North Melbourne)
Stephen Wells says: "We understand that he's got to overcome some injuries, but if he does he will fit in well for us. We think Cam's a very versatile player and he's shown already that he can play at AFL level."
