The bill completed its report stage in the House of Commons last week and it is expected to receive royal assent in July.
Under the bill, carers, including those aged 16 and 17, will for the first time be given equal opportunities in education, training and employment.
Jenny Frank, who co-ordinates The Children's Society's young carers' initiative, said: "It will make a big difference for 16- and 17-year-old carers who have left school but face a dilemma between whether to seek further education or career opportunities or to stay at home."
The bill ensures that work, lifelong learning and leisure are considered when a carer is assessed.
"I would expect that agencies such as Connexions would have a key role in imparting such information to young carers," said Frank.
She added that the bill was timely because it came at the start of a three-year project by The Children's Society to highlight the need for whole-family assessments in which all family members, including young carers, are considered.
According to the society, 13,000 young carers aged up to 19 provide more than 50 hours of unpaid care each week. Since 1996, the number of young carers in the UK has risen more than threefold, to 175,000.
