The trailer pits the swimming sensation against a regular Kinect user in one of the game's multiplayer races.
The video shows the Kinect title's motion controls, which have players using their arms to swim through the pool and stretch before races.
Earlier this week, in an exclusive interview with Digital Spy, Michael Phelps revealed that the game is a "dream come true" and that it is part of an ongoing goal to raise the profile of the sport.
Phelps said: "This is all really a dream come true - to be able to do so many things that the sport hasn't seen and things that the gaming world has never seen.
"It's not just sitting on the couch and pressing buttons, you actually have to get up and make the movements. It's more of an active video game, and that's something that's very important to me, to be able to get up and have a form of exercise as you're playing the video game. It's interesting and fun."
> Michael Phelps: Push the Limit - How to Play the Game trailer
> Michael Phelps: Push the Limit Gameplay trailer released
> Michael Phelps: Push the Limit behind-the-scenes trailer
Watch the Michael Phelps: Push the Limit launch trailer below: