The two bands announced the collaboration at a press conference in London this morning and are set to head out on nationwide tour next April and May.
James Bourne and Matt Willis will represent Busted - original lead singer Charlie Simpson will not be part of tour - while all the McFly boys, Tom Fletcher, Danny Jones, Dougie Poynter and Harry Judd, will take part.
McBusted already has a Twitter account with 11,000 followers and a recent post said: "Huge announcement ... McFly & Busted are coming together for a tour in April 2014."
The two bands previously teamed up at McFly's 10th anniversary show in September, when Busted joined them on stage at London's Royal Albert Hall.
The musicians performed Busted hits Year 3000 and Air Hostess, before playing McFly's Shine A Light.