As per the central bank, "The portrait of The King will appear on existing designs of all four polymer banknotes (£5, £10, £20 and £50), with no other changes to the existing designs."
The King's image will appear on the front of the banknotes, as well as in cameo in the see-through security window.
Charles, 74, became king after the death in September of his mother Queen Elizabeth II who passed away on 8 September.
In line with guidance from the Royal Household, to minimise the environmental and financial impact of this change, the new bank notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes, the bank said.
The first coins bearing his likeness entered circulation earlier this month, the Royal Mint has previously announced.
The new banknotes feature an engraved portrait of Charles based on a photograph owned by the royal household and made available in 2013, the Bank of England told news agency AFP.
The design was "finalised in the recent months" and approved by the king, it noted, with the notes to be mass produced from the first half of 2023.
Current polymer banknotes -- which have been gradually replacing paper money in the UK since 2016 -- carrying the queen's portrait will remain legal tender which can continue to be used.
The new notes will only be printed to replace worn predecessors and to meet any overall increase in demand, the central bank said, adding that would minimise the environmental and financial impact of the change.
Speaking ahead of the release, Governor Andrew Bailey said: “I am very proud that the Bank is releasing the design of our new banknotes which will carry a portrait of King Charles III. 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."
