They have moved quickly to appoint after parting company with Leigh Robinson on Tuesday night.
The White Tigers made the decision following their 3-0 home defeat to Chelmsford City on Saturday as relegation fears grew.
Truro are bottom of the form guide and have lost four of their last five games.
They are now just one point above the bottom three but hope their new manager can turn things around.
“The club have appointed Paul Wilkinson as manager until the end of the season,” a club statement read.
“He will take his first training session on Thursday evening with his remit to preserve our Vanarama National League South status.
“His long playing career in the professional game saw him make over 650 appearances, during which time he scored over 150 goals.”
The club made their minds up to make a change after they got dragged back into trouble.
“The difficult decision has been taken to relieve first-team manager, Leigh Robinson, and assistant manager, Michael Meaker, of their duties with immediate effect,” they said.
“We thank them for their efforts and wish them well in their future endeavours.