Following Bungie's departure from Microsoft and subsequent partnership with Activision Blizzard in 2010, rumours had been rife about what the developer has been working on.
The veil surround the studio's current project has finally been lifted, with Bungie shedding light on its new game, called Destiny.
The game is set in the first-person action genre, which Bungie is intimately familiar with having worked exclusively on the Halo franchise since 2001.
Activision Publishing CEO, Eric Hirshberg, said Destiny will be different from Bungie's past efforts through the inclusion of a shared, persistent world.
"It is a world with wide boundaries that allows you to roam and explore," he said.
"It is a world where, even in story mode, you could encounter other players on their own adventures."
The storyline focuses on Guardians of the last city on Earth that travel the ancient ruins of the solar system, from the dunes of Mars to the jungles of Venus.
Players will combat humanity's enemies and reclaim all that was lost during the collapse of mankind's Golden Age with the help of powers.
"Bungie defined first-person action games over a decade ago with Halo, and with Destiny they will evolve the genre once again," Hirshberg said.
"We are very excited to bring this ambitious, innovative and creative game to players around the world."
Like the Halo games, Destiny is a story-driven title with a particular focus on multiplayer gameplay, whether it is cooperative, competitive, or public.
Social gaming also plays a part in Destiny, letting players interact with social spaces where they can congregate and celebrate achievements, as well as share adventures grouped with friends or solo.
"Together [with Bungie] we are focusing the considerable resources, creativity and energy of both organisations to do something new, something ambitious, but most importantly, something fun," Hirshberg said.
Not only is the game coming to the Xbox 360, which Bungie has extensive experience with during its time with Microsoft, it will also be released on PlayStation 3.
This will mark the first time a Bungie game has been released on a Sony console since 2001's Oni, Bungie West's little known anime themed action game.
Activision Blizzard also confirmed that it will be coming to "future console platforms," which could potentially mean the successors to two aforementioned consoles.
While the game is available for pre-order at select retailers, the formal unveiling of the game did not include a release date.
Considering Destiny has not been included by the publisher in its 2013 outlook, it is unlikely to come out this year.
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