The movie is being helmed by Taika Waititi, best known for his directorial work in "What We do in the Shadows," reported Entertainment Weekly.
Marvel co-president Louis D'Esposito wished director, the cast, and crew good luck as production picked up in Australia.
"Best of luck to @TaikaWaititi and the whole cast and crew of #ThorRagnarok . July 4 they started filming. Australia is in the future," he tweeted.
The 40-year-old helmer posted a picture from the movie set. "@MrPeytonReed @louisde2 Pretty sweet 1st day. Look at all these people who turned up to work. #Blessed #support pic.Twitter.Com/xJQdJzyFwR," he tweeted.
The movie also stars Tom Hiddleston, Idris Elba, Anthony Hopkins, Cate Blanchett, Jeff Goldblum, Tessa Thompson, and Karl Urban.
It is set to hit the big screen on November 3, 2017.