The Yum! Brands-owned Mexican fast food chain last pulled out of the country in 2005.
It had previously re-entered the market seven years earlier after abandoning an experiment in the Eighties when a Sydney restaurant won a court case over naming rights.
Collins Foods, which runs a number of KFC stores and Sizzler within Australia, has the rights to the Taco Bell name there.
In a statement, Collins said a former Sizzler restaurant in Annerley, Brisbane, will be the launch location.
“[We are] currently recruiting for staff for the new restaurant, further details will be announced closer to the restaurant opening.”
The Australian Mexican fast food segment is already dominated by the established franchise chains Guzman y Gomez, Mad Mex and Zambrero.