Two years later than scheduled due to the coronavirus pandemic, the tournament will start with Sri Lanka taking on Namibia at Kardinia Park followed by the United Arab Emirates versus the Netherlands at the same venue on Sunday.
There will be six days of qualifying matches to decide which four teams will go through to the Super 12, which starts with a repeat of last year's final between holders Australia and New Zealand on October 22.
You could make a case for several teams being strong contenders to lift the trophy at the MCG on November 13.
Stats Perform picks out some of the storylines to look out for in a tournament that will be well worth the wait.
Windies and Sri Lanka should avoid shock early exit
The only team to have won the T20 World Cup twice is West Indies, but they failed to secure direct qualification for the Super 12 on this occasion.
They lost four out of five matches as defending champions in the United Arab Emirates last year, a crushing six-wicket defeat to England setting the tone as they were skittled out for a pitiful 55.
Nicholas Pooran's side will face Scotland, Zimbabwe, Ireland at the Bellerive Oval in Hobart and will be expected to advance from Group B.
Sri Lanka were crowned Asia Cup champions last month and ought to have no trouble in advancing from a Group A that also includes the Netherlands, the UAE and Namibia.
On a high from lifting the trophy in Dubai, Dasun Shanaka's men could be dangerous if they made it through to the Super 12 as expected.
Hosts in quest to make history
Australia ended their wait for a first T20 World Cup title in Dubai last year at the expense of the Black Caps, Mitchell Marsh blasting an unbeaten 77 in the final to seal an eight-wicket win.
No team has won back-to-back T20 World Cup titles, so the hosts have an opportunity to make history on home soil.
Tim David has emerged as another potential match-winner that has bolted his way into the squad and he is capable of making a big impact, while big things will be expected from the likes of David Warner with the bat.
Mitchell Starc, Josh Hazlewood and Pat Cummins are a formidable pace trio and leg-spinner Adam Zampa brings an X-Factor. Australia have a great chance of achieving a feat no other side has accomplished.
Can India make amends?
India were strongly fancied to win the rearranged T20 World Cup last year, but their challenge was all-but over soon after it had started.
They were consigned to a 10-wicket thrashing by fierce rivals in Pakistan in their first match and still looked shellshocked when New Zealand hammered them by eight wickets.
Virat Kohli stepped down as captain after that failure, with Rohit Sharma the skipper of what is another star-studded squad.
The loss of paceman Jasprit Bumrah and all-rounder Ravindra Jadeja to injury were huge blows, but India will be expected to mount a strong challenge as the top-ranked side in the world and batter Suryakumar Yadav can make a big impact.
Buttler to deliver in first tournament as skipper?
England looked unstoppable in the World Cup last year until they were knocked out by New Zealand at the semi-final stage.
Jos Buttler has since taken over as captain after Eoin Morgan retired from international cricket, and Matthew Mott was appointed as head coach.
Buttler has recovered from injury for what will be his first tournament as skipper and will look to produce the sort of form he did in the 2021 World Cup, in which he averaged a staggering 89.66.
England have huge firepower with the bat, while Reece Topley, Mark Wood and Adil Rashid are among the bowlers Buttler will be counting on to step up as they strive to lift the trophy for a second time.
Proteas a force to be reckoned with
South Africa have never been beyond the semi-final of a T20 World Cup, but there is every chance this could be their year.
Kagiso Rabada, Lungi Ngidi and Anrich Nortje are a hostile trio of pace bowlers and they also have the wizardry of spinner Tabraiz Shamsi.
The absence of Rassie van der Dussen is a big loss, but the Proteas are not short of explosive batting with the likes of Quinton de Kock, David Miller, Rillee Rossouw and Tristan Stubbs to call upon.