It will compile many of the developer's previous Flash games, many of which will be updated with new content.
Time Fcuk, Aether and Spewer will receive the largest update, including new content, levels, a graphics make over and achievements. Grey Matter and Coil will also get updates to include achievements.
The Flash prototype of Meat Boy will also be featured in its original form, as well as the game Triachnid which will be included without modifications.
An eighth game will also be included that is being kept secret for now, but will be updated with new content, new difficulty modes, achievements and its soundtrack.
All eight games will also include additional bonuses in the form of concept art, early prototypes and tech demos.
The Basement Collection will also feature "four very large bonus unlockables" that McMillen says should please fans, and a soundtrack for the whole collection that includes bonus remix tracks from various indie composers.
Edmund McMillen's most recent game, The Binding of Isaac, recently surpassed 700,000 copies sold and released its first DLC expansion, Wrath of the Lamb.
The Basement Collection is set to release on PC through Steam this August for $4 in the US.
UK pricing has not yet been specified.