Malthouse will reign alongside Queen Ruby Rose, the pair presented to the media in Melbourne on Wednesday.
The premiership coach was delighted with the appointment and as a family man who is a vocal supporter of all things Melbourne, believed it was a great honour.
"I am very honoured and fully appreciate the responsibility. It is one of those days in Melbourne life that brings a lot of people and families together for a lot of good reasons and I’m quite excited about it.”
The Malthouse family almost tasted Moomba royalty in 1970 when Mick’s wife Nanette was runner-up for the Queen title.
This will be the second time the crown will sit on a Magpie coach’s head with Lou Richards a one-time King.
The event is set to attract 700,000 people to the city between March 11 and March 14.