Craig, 46, is returning for his fourth turn as 007 while the 24th James bond movie would be directed Sam Mendes after the success of previous instalment 'Skyfall'. 'Spectre' will release on November 6 next year.
The film will begin principal photography from Monday at Pinewood studios (London). It will be shot in locations like Mexico City, Rome, Tangier & Erfoud, Morocco, Solden, Obertilliach and Lake Altausee (Austria), Mendes and producer Barbara Broccoli said in an announcement at Pinewood studios in Buckinghamshire.
Waltz, whose name was rumoured in the cast for long, will play Oberhauser but Mendes did not reveal details about his character. David Bautista will play Mr Hinx.
Bellucci, 50, is the new Bond girl Lucia Sciarra with 'Blue is the Warmest Color' star Lea Seydoux as Madeleine Swann.
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Ben Whishaw, who played Q in the last film, is returning so is Naomi Harris as Moneypenny, Rory Kinnear as Tanner. Ralph Fiennes, who was introduced as the new M after the death of Judi Dench, is also returning.
The writing team behind 'Skyfall' -- John Logan, Neil Purvis and Rob Wade are returning for 'Spectre' as well.
The film is produced by Albert R Broccoli's EON Productions, Metro-Goldwyn-Mayer Studios, and Sony Pictures Entertainment.