The rogue-like platformer will be available from June 4 for 1200 Microsoft Points (£10.20 / $15).
Originally released on PC for free in 2009, players must explore a series of randomly generated levels filled with traps and treasures.
The re-release features hand-painted visuals, multiplayer with up to three others and a new soundtrack.
Spelunky won the 'Excellence in Design' award in this year's Independent Games Festival.
The following week will see the start of this year's Summer of Arcade, which includes Tony Hawk Pro Skater HD, Deadlight and Wreckateer.
> Indie Pick: Spelunky on PC
Watch a trailer for Spelunky below: