James Robinson, Philip Tan and Ruy Jose will tackle the six-issue title, which will launch in July.
The series centres around Skeletor's discovery of a way to reshape reality to his wishes.
The people of Eternia are plunged into a world where the villain rules, with no memories of their former lives. He-Man's alter-ego Prince Adam is now a simple woodsman who dreams of wielding a magical sword and leading armies into battle.
"I agree to some people Masters of the Universe is considered a cheesy cartoon," Robinson told MTV News
"However, I know for a fact that a certain generation of people, who grew up at the right time, hold genuine affection for Masters of the Universe. The challenge is to write something that raises the standard for the series, with a cool, modern story that nevertheless honours the fans of the animated series and toy line."
The writer promised a terrifying Skeletor and said that She-Ra would not be making an appearance in his story.
Robinson is currently writing limited series The Shade for DC, and will launch the Earth 2 ongoing series in May.