Casey Affleck and Sam Shepard will also appear in the gritty drama, which is written and directed by Scott Cooper (Crazy Heart), Relativity Media announced.
Bale will star as Russell Baze, while Affleck will play his younger brother Rodney Baze Jr.
Saldana has been cast as Bale's love interest Lena Warren, with Shepard as the Bazes' uncle Red.
Out of the Furnace centres on the two brothers from the American 'Rust Belt' who become ensnared in a life of crime.
After his release from prison, Russell must choose between his own redemption and that of his younger brother.
"This is a meaty script with characters as strong as they are complex, and we needed powerhouse actors who complement the story," said Relativity's co-president Tucker Tooley.
"Christian, Casey, Zoe and Sam each approach everything they do with heart and conviction. We can't wait to see what each of them brings to this film."
Bale will next be seen in the hotly-anticipated Dark Knight Rises. Saldana will reprise her role of Uhura in next year's Star Trek 2.
Affleck appeared in 2011's Tower Heist.
Appian Way's Leonardo DiCaprio and Jennifer Killoran are producing alongside Scott Free's Ridley Scott, Tony Scott and Michael Costigan, and Relativity's CEO Ryan Kavanaugh.
Production on Out of the Furnace will begin in Braddock, Pennsylvania later this month.