The prime minister, Governor-General David Hurley and their partners have arrived in the British capital for a series of events commemorating the late Queen Elizabeth II.
Soon after touching down, Mr Albanese and partner Jodie Haydon laid a floral tribute, a small bouquet of white flowers, at Green Park in London.
"It's a great honour to be representing Australia here," he said.
"Quite clearly, what we can see all around us is the affection in which Her Majesty Queen Elizabeth was held by people here in the United Kingdom but also of course in Australia and right around the Commonwealth."
Mr Albanese said his visit to London was about "commemorating a life well-lived".
He will view the Queen's coffin in Westminster Hall and sign the official condolence book at Lancaster House before a brief audience with the King at Buckingham Palace.
King Charles will host the prime minister, heads of state and international VIPs at a function on the weekend.
Australian Monarchist League chair Philip Benwell said Charles always kept a special place in his heart for Australia, particularly after spending time in regional Victoria in the 1970s.
"King Charles has committed himself to following in the footsteps of his late mother and to likewise dedicate himself to service of his people," he told AAP.
"He will always make time to meet with his Australian prime minister and the gathering for the funeral of the late Queen offers an opportunity for this."
The Commonwealth has grown from seven nations including Australia and New Zealand at the start of the Queen's reign to 54 members representing 2.4 billion people, or almost one-third of the world's population.
Sixteen Australian prime ministers served during the Queen's reign, starting with Sir Robert Menzies, and 16 governors-general.
"It is an extraordinary occasion in commemorating a life well-lived, but a sad occasion," Mr Albanese told 6PR radio just before leaving Sydney.
"But also a celebration of Queen Elizabeth's contribution to Australia and to the Commonwealth - the longest-ever serving British monarch, the second-longest serving monarch anywhere in the world in human history."
Ten everyday Australians will attend the funeral, an arrangement the Palace had in place for many years.
Mr Albanese said he would convey Australians' deep condolences to the King.
"It is of course the passing of the sovereign but for King Charles it's also the passing of his mum," he said.
"We shouldn't forget that at the end of the day these people are humans as well as being members of the Royal Family."
Mr Albanese will also meet with new UK prime minister Liz Truss and Canada's Justin Trudeau.
The Queen's funeral will be televised at 8pm AEST on Monday.
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