Heartbreakers Beach Party - directed by Cameron Crowe - will be shown on the big screen this year after receiving a full restoration, over 40 years after it was filmed in 1983.
The film follows the band as they recorded and promoted their fifth album Long After Dark, which will be reissued next month.
Heartbreakers Beach Party was Crowe's directorial debut, but it never made it to cinemas before.
"Heartbreakers Beach Party' occupies a special place in my heart," Crowe said in a statement:
"Tom Petty and the Heartbreakers leaned into the making of the film with a kind of hilarious music-filled honesty that still feels fresh 40 years later. It was also my first experience as a director.
"The fact that it was yanked from MTV after only one airing at 2am just shows that it was indeed an outlandish feast for fans in all the best ways.
"Thanks to Adria Petty and the Petty Estate, along with our co-filmmakers Danny Bramson, Phil Savenick, Doug Dowdle and Greg Mariotti, I'm so happy we're bringing it back in all its reckless glory."
The film will be released in cinemas worldwide for two days only - October 17 and 20.
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