Young announced on his website over the weekend that Psychedelic Pill is to feature songs which debuted on his summer tour, as well as never-before-heard tracks.
Much like his last release Americana, music videos will be produced for every track on Young and Crazy Horse's new double-disc set.
A Blu-ray collection featuring all the music videos will accompany the album.
Psychedelic Pill is expected to be released in October.
Young and Crazy Horse's Americana reached number four on the US album chart earlier this year.
In June, Young explained that he only sporadically works with Crazy Horse because he always wants their collaborations to be special.
Watch Neil Young and Crazy Horse perform 'Like a Hurricane' below: