Launchbury, who has not played since early November due to a bulging disk, is likely to miss England's Six Nations tournament campaign in February and March.
"As you would expect, this is a frustrating time for Joe, but the most important thing in all of this isn't rugby, it's Joe's long-term health," Wasps director of rugby Dai Young said in a statement.
"We have consulted specialists in this field and they have recommended surgery as the best option to get him back to full fitness for the long-term.
"Joe is in good hands, being looked after by one of the world's leading surgeons and he will have the full support of the Wasps and England medical teams during his rehabilitation period."
(Writing by Justin Palmer; editing by Ken Ferris)
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