According to Facebook chief executive officer Mark Zuckerberg, the headset will enable users to experience immersive virtual environments that create the feeling of 'presence' - as though they are having the virtual experiences.
The headset features two AMOLED displays with low-persistence, enabling "incredible" visual clarity, while an integrated VR audio system will add to the immersive experience.
In addition, Oculus Touch has been developed to provide feelings of sensation, making it seem as though the user's virtual hands are actually their own.
Mr Zuckerberg said: "You'll be able to play games, watch movies and connect with your friends, all in ways that you’ve never experienced before."
Although the company did not give price details, it has previously suggested the headset may cost less than $1,500 (£900) when paired with the PC hardware necessary to run it.