Mr Palmer first threatened the move last year and says he now has legal advice that the carbon tax laws passed by parliament in November are unconstitutional.
"Our advice is that the carbon tax in its current form is unconstitutional," he told ABC Television on Wednesday.
"I think the constitution of Australia is much more important than having a number of lawyers or parliament trying to slip around it."
Asked on what grounds the laws were unconstitutional, Mr Palmer said: "The grounds are set out in legal advice that I'll be (taking) to the High Court.
"I can't answer that questions because I'm not a lawyer, I can only go on the advice that I've been given."
Mr Palmer denied that launching such a challenge proved Treasurer Wayne Swan's accusation that he and other rich mining bosses were using their wealth to distort public debate.
"We've all got the right to go to High Court," he said.
