The legislation to be introduced to federal parliament on Thursday will set 16 years as the minimum age for access to social media.
"This reform is about protecting young people and letting parents know we've got their backs," Minister for Communications Michelle Rowland said.
"The legislation places the onus on social media platforms, not parents or children, to ensure protections are in place."
Under the laws, social media platforms would be required to take reasonable steps to stop young people under the age of 16 from having an account.
Parents will not be able to give consent for their children to use social media.
Companies that systematically breach the legislation could be hit with penalties of up to $50 million.
"Social media has a social responsibility for the safety and mental health of young Australians," Rowland said.
The reforms will also allow the minister to exclude some services from the ban, including messaging services, online games, and health and education platforms.
Facebook, Instagram, TikTok, Youtube and X - formerly Twitter - are expected to be most affected by the age ban.
Should the laws pass parliament, the ban will come into effect 12 months later.
Australia would be the first country to have an age ban on social media, while verification trials are underway to determine how the ban would be enforced.
AAP
