Thirty years after his father's debut for team Jordan, 21-year-old Mick will line up at the season-opening grand prix in Melbourne for Haas on 21 March.
The German, who could wrap up the Formula Two championship in Bahrain this weekend, has signed a multi-year deal to race with an American team.
He was with his father nearly seven years ago when Michael Schumacher suffered a near-fatal brain injury while skiing in the French Alps - though few details have been shared publicly since about his condition.
Mick Schumacher said the prospect of being on the Formula One grid in 2021 made him "incredibly happy" and "simply speechless".
"I also want to acknowledge and extend my love to my parents - I know that I owe them everything," he added.
"I have always believed that I would realise my dream of Formula One."
"A huge thank you must also go to all the great motorsport fans out there who have supported me throughout my career.
"I will give it my all, as I always do, and I look forward to going on this journey together with Haas F1 and them."
Schumacher will be handed his grand prix debut in opening practice for Haas at the season-concluding race in Abu Dhabi a week on Friday.
His father won 91 races and seven world championships during a glittering career.
Lewis Hamilton surpassed Schumacher's win record in Portugal before drawing level with him on seven titles at the Turkish Grand Prix last month.