A first for the hack-and-slash adventure series, multiplayer will offer the same combat system and scope in large-scale battles as seen in the campaign.
A variety of modes will be available for up to eight players at once, as well as a suite of customisation options, including new armour and weapon types.
Photo gallery - God of War: Ascension:
Copyright: SonyPlayers will also be able to align themselves with one of four Gods - Zeus, Ares, Poseidon or Hades - for new customisation options.
Meanwhile, the campaign offers a revamped combat system, "epic" cinematic storytelling and more blockbuster moments.
"The bar is set quite high for this franchise as each God of War title succeeds in being better than the last," said game director Todd Papy.
"But, unlike previous releases, we're providing a deeper look into Kratos's tormented past and psyche that fans have not seen before.
"Combined with refined gameplay, jaw-dropping visuals, and a fresh twist on competitive gaming with our new online multiplayer mode, I guarantee that God of War: Ascension will give fans what they have been eagerly waiting for, and much more."
Announced last week, the title sees Kratos break free from Ares's bond and begin his path to avenge his family.
God of War: Ascension will be available exclusively on PlayStation 3 later this year.