The 23-year-old returns to the Aussie squad after his stint with the team in 2016 as a stagiaire and two seasons with pro-continental Spanish team Caja Rural-Seguros RGA.
The Queenslander says it's a "dream come true."
"To be a part of a team with the Yates brothers and Esteban Chaves is pretty special.
"Every rider on the team has an asset they bring to the table and I feel very privileged to be coming on board and learning from everyone."
"They’re the team that first gave me exposure to the professional ranks and it is incredibly humbling that after two years in the professional ranks with Caja-Rural, that Mitchelton-Scott have seen my progression and offered me a full time contract.
"Caja-Rural has been an amazing platform to learn and develop a lot of skills as a professional both on and off the bike. I’ve been able to finish a Grand Tour and be exposed to a completely different culture. My goal is to slot into the team and be a reliable teammate in whatever capacity is asked of me.
"It will be very interesting to be a part of a team that has experience in delivering riders to podiums in Grand Tours and wins in the biggest one-day classics. Being part of this environment will be a major learning experience in itself.
"Personally, I hope to perform strongly in the Ardennes and provide reliable support to the GC riders in whatever stage races are on my program.
Check out Sophie Smith's feature on Nick Schultz from earlier this year:
Mitchelton-Scott's director Matt White says Schultz is an “exciting prospect” he looks forward to seeing develop.
"Two years ago we didn't have space for him on the team and we have been following his development and we see him as a real climbing talent and we are really happy to have him back in the team full time.
"Nick is at an age where he will continue to develop for some years to come so it is really exciting to have him on our team moving forward."
Schultz will race this week for Caja-Rural at La Vuelta. Watch him in action here on SBS as we broadcast every stage of the 2018 Vuelta a España.