The Xbox Series X will be launched in November, Microsoft has confirmed.
The "most powerful ever" games console will feature twice the processing power of the current generation Xbox One X.
Microsoft said there will be "thousands of games to play", spanning four generations, when the product is released - but the flagship game Halo Infinite will be delayed until 2021.
Image: The new Xbox console will be launched without Halo Infinite. Pic: Microsoft
More than 100 Xbox Series X games "optimised" for the new console will be released this year.
Xbox said: "Playing will look and feel better, no matter which games you choose to play on day one."
It comes as rival Sony plans to launch its next-generation console, the PlayStation 5, at the end of 2020.
A key feature of the product will be its backwards compatibility technology, which allows games from older consoles to be played on new systems.
Other features will include hardware-accelerated Direct X ray tracing, frame rates of up to 120 frames per second, faster loading times and Quick Resume for multiple games.Playing computer games 'helps literacy'
In what may come as a disappointment to fans, the company said it needs more time to "finish the critical work necessary" to launch the next instalment in the popular Xbox-exclusive Halo series.
"Our vision at Xbox and 343 Industries has always been to deliver the most ambitious Halo game ever for our fans, while also balancing the team's wellbeing," Xbox said.
Other highly anticipated games coming to the console include a reboot of the Fable fantasy franchise, the open-world zombie sequel State of Decay 3 and another addition to the Forza racing series.