Charles, 75, who is undergoing treatment for cancer, and his wife, 76, will visit Canberra and NSW in October, Buckingham Palace have confirmed.
The visit to Australia will come shortly after the King attends the Commonwealth Heads of Government Meeting in Samoa.
King Charles toured Australia with his wife, Camilla, in 2015. (AP PHOTO)
It will be the first trip to Australia by a reigning monarch since 2011, when Queen Elizabeth II travelled to Brisbane, Melbourne, Canberra and Perth.
Prime Minister Anthony Albanese said planning for the visit was well underway.
"I am honoured to welcome the King and Queen on their first royal visit to Australia later this year, they are always welcome visitors," he said.
"The King has a deep regard for our great nation and has always spoken warmly of the time he has spent here and the astounding beauty of our extraordinary continent."I look forward to welcoming the King and Queen back to Australia for this important visit."
Governor-General Sam Mostyn said Charles had a deep connection to Australia.
"His Majesty the King has a well-known deep affection for and connection to the people of Australia and he was very much looking forward to his first visit to Australia since becoming King," she said.
"I look forward to welcoming Their Majesties to Australia and, during the visit, showcasing the very best of our modern and diverse nation."
Treasurer Jim Chalmers said while he and the prime minister would want to see Australia become a republic, there was respect for the role of the King.
"We should have one of our own as our head of state but that's not to disrespect or diminish the important role that the King has or the affection that a lot of Australians have for King Charles and for his family," he told reporters in Canberra.
"We can be an Australian republic and maintain that respect and that regard for King Charles and for his family and I think that's the course that we should take when we can manage it."
Chief executive of the Australian Republican Movement, Isaac Jeffrey, said the upcoming royal visit was a chance to reassess Australia's relationship with the monarchy.
"While we respect the role the royals have played in the nation to date, it's time for Australia to elect a local to serve as our head of state," he said.
"While we welcome the opportunity for Aussies to ask these questions and consider the benefits of a republic which the visit will raise, we do question the cost of such a visit.
"Aussie taxpayers will be slugged with the costs right at the moment they are experiencing incredible cost of living challenges."
NSW Premier Chris Minns said the King would be a welcome visitor to the state.
"I've got no doubt that Sydneysiders, people from NSW, will turn out to warmly welcome the King," he told reporters.
"It's very pleasing that he's chosen this great state to visit."
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