Captain Richie McCaw will win his 145th cap and Dan Carter starts at flyhalf after sitting out the routine win against Namibia, having scored 16 points in a hard-fought victory in their opening match against Argentina.
"We've selected what we think is the best 23 for this test match and reflects where we currently are with our progress in the Rugby World Cup," coach Steve Hansen said on Wednesday.
"We're looking forward to seeing Waisake back on the track, he's been jumping out of his skin at training and I'm sure he can't wait for game day."
Naholo, who will win his second cap, has made a swift recovery from a fractured leg to be fit for the tournament.
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“To have a guy who was probably the player of Super Rugby -- the top try scorer -- gives us genuine pace and ability to beat people," Hansen said.
"It is exciting to have someone like that in your group ... After the disappointment of thinking that maybe we weren’t going to be able to select him, to get a second chance is wonderful.”
New Zealand will book their quarter-final place if they beat Georgia in the first ever game between the sides.
Centre Ma'a Nonu (shoulder), utility back Colin Slade (hamstring), flanker Liam Messam (calf) and flyhalf Beauden Barrett were not considered because of injury.
Nonu would have won his 100th international cap if selected to play against Georgia but Hansen was looking at the positives.
“It is really nice to have that depth," he said. "To be able to lose a player like Ma’a Nonu and to have the opportunity to bring someone like Malakai (Fekitoa) into the 23 is pretty exciting. All four of our midfielders are world class and we are very fortunate to have all four of them.”
Hansen admitted that Georgia were something of an unknown quantity.
"Although we don't know a lot about Georgia, we know enough," he added. "They're big, strong athletes and should contribute to what will be a great occasion at the Millennium Stadium."
Team: 1-Wyatt Crockett, 2-Dane Coles, 3-Charlie Faumuina,
4-Brodie Retallick, 5-Sam Whitelock, 6-Jerome Kaino, 7-Richie McCaw (captain), 8-Kieran Read, 9-Aaron Smith, 10-Daniel Carter, 11-Julian Savea, 12-Sonny Bill Williams, 13-Conrad Smith, 14-Waisake Naholo, 15-Ben Smith
Replacements: 16-Keven Mealamu, 17-Tony Woodcock, 18-Owen Franks, 19-Victor Vito, 20-Sam Cane, 21-Tawera Kerr-Barlow,
22-TJ Perenara, 23-Malakai Fekitoa
(Editing by Sudipto Ganguly and David Goodman)
