The production teams' Melbourne-based animatronics workshop Global Creatures and Dreamworks will retell the story of a dragon-hunting viking who befriends his natural enemy.
More than 20 dragons will appear in the production, with the biggest 15m long and operated by three people.
Released in 2010, the How to Train Your Dragon film grossed around $500 million at box offices worldwide.
The arena show, kicking-off from next March before heading to New Zealand and the US, is the second successive arena show for Global Creatures, following Walking with Dinosaurs.
Global Creatures chief executive Carmen Pavlovic expects spectacular results from the combination of the workshop's mechanical creatures, known for their realism and fluid movement, with the storytelling skills of Dreamworks.
"We are excited to expand the boundaries of public expectation by creating a show that combines dynamic creatures, world class performers and incredible staging," she said.
The show's season will begin in Melbourne on March 2 next year, before moving to Sydney and Brisbane and abroad.
Walking with Dinosaurs was beautiful, cannot wait for this