The Perfect Sense actor stars opposite Naomi Watts in the film, which tells the true story of a family struggling to survive in the aftermath of the tsunami that hit Thailand in 2004.
Deadline reports that the film is slated for release on December 21 in New York and Los Angeles.
The Orphanage director Juan Antonia Bayona helmed the project, which also stars Geraldine Chaplin.
McGregor most recently starred in Salmon Fishing in the Yemen opposite Emily Blunt.
He recently completed work on Bryan Singer's upcoming fantasy movie Jack the Giant Killer.
Watch a trailer for The Impossible below: