The casino tycoon, who runs worldwide gambling empire Crown, said the cash would go to charities promoting the arts and those supporting the broader community, particularly indigenous education.
Half of the money, to be donated in Aus$20 million installments for the next 10 years, will come from Crown Resorts, and the rest from the Packer family.
"This exciting collaboration between Crown Resorts and our family creates a platform from which to contribute towards strengthening communities in Australia and developing our artistic future," said his sister Gretel, who will administer the fund.
The move follows ongoing controversy surrounding the development of Packers plans for a casino on waterfront public land at the Barangaroo site on Sydney's forshore that saw the NSW Government change its one casino policy to accomodate Packer's proposal.
Philanthropy Australia chief executive Louise Walsh said she hoped it would encourage more of the country's corporate boards and wealthiest people to do the same.
"We are starting to see some serious mega gifts happening now in Australia and this is fantastic," she told reporters.
The son of late media baron Kerry Packer, James Packer is one of Australia's wealthiest people, with a personal fortune estimated at Aus$7.2 billion.
Parents inspired our philanthropy, say Packers
Gretel Packer says she and billionaire brother James learnt a lot about philanthropy from their parents.
The pair has set up a $200 million National Philanthropic Fund to follow the example of their late father, media tycoon Kerry Packer, and mother Roslyn.
"Philanthropy has always been part of our family life, sometimes private, sometimes public, but always there," Gretel Packer said at the fund's launch on Tuesday, where she was joined by her mother and daughter Francesca.
"My parents have been wonderful role models for James and I in that regard, and in so many other ways, and we appreciate their example so much.
"We have always intended to make a large philanthropic commitment, and today we are in the position to fulfil that promise."
The $200 million is a 10-year commitment from the Packer family and casino group Crown Resorts, which will be split between arts organisations and charities.
"Today's announcement commits us to another decade of financial support for organisations which work tirelessly to deliver services, assistance and opportunities for people from disadvantaged backgrounds," Crown Resorts chairman James Packer said in a statement.
The Salvation Army, National Centre of Indigenous Excellence and the Exodus and Father Bob Maguire foundations stand to benefit, while the Melbourne Theatre Company was one of the first arts organisations named a beneficiary, receiving $2.5 million over the next five years.
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