The prime minister announced the commission on Monday.
"The highest form of public inquiry is the right thing to do given the COVID-19 emergency was the most significant threat to the health of New Zealanders and our economy since World War II," she said.
"New Zealand experienced fewer cases, hospitalisations and deaths than nearly any other country in the first two years of the pandemic but there has undoubtedly been a huge impact on New Zealanders both here and abroad.
"It's critical we compile what worked and what we can learn from it should it ever happen again."
Dr Blakely is a New Zealand-born professor of epidemiology at the University of Melbourne who emerged as a familiar face during the pandemic, explaining the virus and sharing his views on various measures to audiences on both sides of the Tasman.
He will be joined by former minister Hekia Parata and former Treasury secretary John Whitehead to form the royal commission.
Its timeline means it will not report back in 2023, an election year.
Instead, Dr Blakely has been asked to begin in February 2023 and report back by June 2024.
NZ was widely credited with one of the world's best COVID-19 responses, successfully eliminating the virus from Kiwi shores.
Ms Ardern revealed she "did a little dance" in June 2020 after learning there were no active cases left in the country.
Later that year, her Labour party was handsomely rewarded for leading the response winning 50 per cent of the vote in October's election -Â the greatest share of any party in 70 years.
NZ remained relatively COVID-free through to 2021 when the Delta variant arrived, producing a long lockdown focused on Auckland.
Auckland - home to one-third of NZ's population and two-fifths of the Kiwi economy - retained stay-at-home restrictions for 107 days through to December, producing mass frustration and stymying business.
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