The federal government will buy the missiles for $1.3 billion as part of a $1.7 billion plan to boost long-range defence capability.
The Tomahawk land attack missile are a world-leading strike weapon and have a range of up to 1500km.
They would be mounted on the navy's Hobart class destroyers.
Australia will be just one of three countries to acquire them after the US and the UK.
The US State Department approved the sale of up to 220 Tomahawk cruise missiles to Australia earlier in March, saying it was "vital to the US national interest to assist our ally in developing and maintaining a strong and ready self-defence capability".
Defence Industry Minister Pat Conroy said the missile purchases were about maintaining a strategic balance in the broader Indo-Pacific region.
"The way you do that is investing in our military capabilities to deter potential aggression, but also that we invest in diplomacy and international efforts through foreign aid. We're doing both," he told ABC Radio on Monday.
"This is about deterring conflict. This is about placing question marks in any potential adversaries' mind that Australia could respond if challenged."
As part of the purchase, the air force will acquire more than 60 advanced anti-radiation guided missile - extended range (AARGM-ER) missiles from the US under a $431 million spend.
More than $50 million will also be invested to arm the army's boxer combat reconnaissance vehicles with Spike long-range 2 anti-tank guided missiles.
Mr Conroy said the purchases were necessary to bolster Australia's capability.
"In the end, the only way we pursue peace and stability is by presenting strength and this is what this is about," he said.
"We need to respond to that to ensure that Australia is in a position to protect ourselves."
Defence Minister Richard Marles said Russia's invasion of Ukraine demonstrated the importance of war stocks and a domestic missile manufacturing industry.
"We are investing in the capabilities our defence force needs to hold our adversaries at risk further from our shores and keep Australians safe in the complex and uncertain world in which we live today," he said.
Nationals MP Barnaby Joyce said regardless of who was in government, defence measures were critical.
"Our job, whether it's the Labor Party or the coalition is to protect our nation, and that's front and foremost, and the centre of what we do," he told Seven's Sunrise program.
"We don't want the world to change, we want the world to be peaceful, but we've got to be strong to defend ourselves."
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