Prime Minister Jacinda Ardern said this less than a week after 50 people were killed at two mosques, allegedly by a lone gunman.
Ms Ardern said she expected new legislation to be in place by 11 April, saying: "Our history changed forever. Now, our laws will too."
Ms Ardern said in a news conference: "Six days after this attack, we are announcing a ban on all military style semi-automatics (MSSA) and assault rifles in New Zealand."
She added in relation to the gun laws: "Related parts used to convert these guns into MSSAs are also being banned, along with all high-capacity magazines."
An amnesty has been imposed, so that the owners of affected weapons can hand them in, and a buy-back scheme will follow.
Ms Ardern said the buy-back could cost up to NZ$200m ($138m; £104m), but "that is the price that we must pay to ensure the safety of our communities".
The prime minister has called the Christchurch attacker a terrorist and said she will not utter his name so as not to grant him the notoriety he sought by carrying out the terror attack.
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