Premier Roger Cook said the legislation changes would make the state a safer place and could remove up to 13,000 guns from the community.
"This is the largest overhaul of firearm laws in the state's history," he said on Monday.
"WA is the last jurisdiction to rewrite its firearm legislation since the Port Arthur massacre."
Under the amendments, new licence types will restrict the number of guns a person can own.
Primary producers and firearm club members will be permitted to license up to 10 firearms but competitive shooters aspiring to represent the WA at a national or international level can apply to the regulator for more.
Recreational shooters will be legally allowed to own no more than five.
More onerous controls on storage will also reduce the number of gun thefts from licensed owners, which is estimated to be about one firearm per day across the state.
The WA government will fund a voluntary gun buyback scheme to limit the financial impact to current firearm licence holders.
Opposition Leader Nationals MP Shane Love said not enough detail had been provided and the consultation period should be extended.
"For those 90,000 people who hold firearm licenses across the state, ... it's important the government gives a better opportunity for consultation," he said.
WA Firearm Community Alliance spokesman Paul Fitzgerald backed the call for more detail and further talks.
"We are seriously concerned at this late stage in the year that dropping this type of proposal to the WA community is completely unwarranted," he said.
"We need to have a lot more consultation on a piece of legislation that has a serious impact in the WA community."
The Public Health Association of Australia backed the proposed changes, saying the laws would better protect the community.
"We are optimistic that this will set a new benchmark for gun safety laws in Australia for other states and territories to follow," chief executive Terry Slevin said.Â
The number of licensed guns in WA has risen by 65 per cent in the past 13 years to more than 349,000.
Over the same period, the number of people holding gun licenses remained steady at about 89,000.
The bill is expected to be introduced into parliament early next year.
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