The Bank of England says the King’s portrait will be the only change on existing designs of its £5, £10, £20 and £50 polymer plastic notes.
This means that no changes will be made to the figures featured on the obverse of the notes, which are currently Winston Churchill, Jane Austen, JMW Turner and Alan Turing in ascending order of value.
The design of notes will also continue to follow the existing colour scheme and patterns introduced with the switch to polymer in 2017.
"I am very proud that the bank is releasing the design of our new banknotes, which will carry a portrait of King Charles III," Bank of England governor, Andrew Bailey, said.
"This is a significant moment, as the King is only the second monarch to feature on our banknotes. People will be able to use these new notes as they start to enter circulation in 2024."
Existing notes will still be accepted in shops after the new notes begin to circulate.
The Bank of England added that following guidance from the royal household to keep the environmental and financial impact of the change to a minimum, it would only print new banknotes to replace those that are worn and when needed to increase notes in circulation.
Fifty pence coins featuring the image of King Charles III are entering circulation this month, with 4.9 million coins being distributed across 9,452 Post Office branches nationwide.
Queen Elizabeth was the first and only monarch to appear on circulating Bank of England banknotes, starting in 1960. Notes issued by Scottish and Northern Irish banks do not depict the monarch.
King Charles will become only the second monarch in British history to feature on a bank note.
Watch: First King Charles coins go into production in Wales