The Opals will take on Turkey, Argentina and Nigeria in the group stage with the top-placed team from each pool advancing directly to the Quarter-Finals.
Teams that finish second and third in their group will compete in the Quarter-Final qualifications and the tournament then runs through to the medal playoffs per normal.
Australia has a strong history at the FIBA World Cup and are the third most successful country thanks to a gold medal in 2006 and bronze medals in 1998, 2002 as well as at the last tournament in 2014.
They will head into this year as favourites to come out on top of Group B with neither Argentina nor Nigeria having competed at the last World Cup or at the Rio Olympics while Turkey finished a spot below the Opals at the 2014 World Cup (in fourth place) and at Rio (in sixth place).
Australia also defeated Turkey, 61-56, at the Olympics during the group stage when Liz Cambage tallied 22 points and 11 rebounds while Katie Ebzery and Leilani Mitchell added 11 points each.
Stay tuned in the coming weeks for the full fixture announcement from FIBA while the Opals will name their team following the Commonwealth Games in April.
The draw ceremony for the 2018 FIBA Women's World Cup can be viewed below.