The territory has reached an agreement with the federal government for the scheme to remove firearms, which was set up following the Bondi mass shooting in December.
It is just the second jurisdiction to join the scheme after NSW announced on Sunday it would be part of the buyback.
It's estimated 14 per cent of the ACT's 7000 firearms licence holders will be affected by a proposed cap on guns.
There are 23,000 guns registered in the national capital.
Under the scheme, 75 per cent of the cost of compensation to firearm holders, administration and gun destruction will be paid for by the federal government.
Prime Minister Anthony Albanese said the government would work closely with the ACT to keep more guns off the streets.
"We're taking action to strengthen Australia's gun laws and keep our communities safe," he said in a statement.
"National gun reform is an important part of making sure an anti-Semitic terrorist attack like we saw at Bondi can't happen again."
ACT Chief Minister Andrew Barr said while the majority of gun owners were responsible, further safety measures were needed.
"The buyback scheme will provide compensation while helping deliver further community safety outcomes," he said.
"The ACT has some of the strongest firearms laws in the country, and this agreement supports our ongoing efforts to further reduce the risk of firearms falling into the wrong hands."
National cabinet agreed to strengthen firearm restrictions across Australia following the Bondi attack, where 15 people died after two gunmen opened fire at a Hanukkah festival.
But the scheme faces opposition from some jurisdictions, with conservative governments in the Northern Territory, Tasmania and Queensland declining to sign up.
Western Australia had already operated its own gun buyback and does not have plans to be part of a second one linked to the federal government.
11°C