Williams and Rogen play a young couple who struggle with issues of monogamy when she must choose between her current partner and a new mystery man.
The film is directed by Sarah Polley (Away From Her) and also stars Sarah Silverman and Luke Kirby.
Michelle Williams was recently nominated for an Academy Award for her portrayal of Marilyn Monroe in My Week with Marilyn.
She will also be starring in Oz: The Great and Powerful this year alongside James Franco.
Take This Waltz is set for a tentative release this summer.
Watch the Take This Waltz trailer below: