The show, which debuts this autumn on Fox in the US, focuses on a family who attempt to save the human race from extinction by travelling back to prehistoric times.
Spielberg is part of a team of executive producers which also includes the show's creators, Nikita showrunner Craig Silverstein and Bronson script editor Kelly Marcel.
Terra Nova stars Jason O'Mara, who appeared in the US remake of Life on Mars as father-of-three Jim Shannon.
Marchlands actress Shelley Conn plays his wife Elisabeth and Stephen Lang (Avatar) will also star as colony leader Commander Nathaniel Taylor.
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Stuart Murphy, director of Sky1 HD, said: "Terra Nova is a huge weekly epic adventure with a family at the centre of the action, a community full of tensions and rivalries and some pretty scary dinosaurs.
"It's cinematic, powerful and a whole lot of fun that'll be even more fantastic in HD."
Murphy added that he feels the show will complement the channel's "exceptional" offering.
Terra Nova will air on Mondays at 8pm on Fox in the US and will also debut on Sky1 HD in the autumn.
Watch a first-look trailer for Terra Nova below: