President Sauli Niinisto and Prime Minister Sanna Marin made Sunday's announcement during a joint news conference at the Presidential Palace in Helsinki.
Finland, which shares a border of 800 miles with Russia, was formerly a neutral nation.
"The president and the government's foreign policy committee have agreed that Finland will apply for NATO membership after consulting parliament," President Sauli Niinisto stated during a press conference.
A protected Finland is being born as part of a secure, strong, and accountable Nordic area.
Mr. Niinisto described it as a "historic day" for Finland, adding, "A new era is beginning. Since Russia's invasion of Ukraine, much has transpired. We get security, which we also share, and it is important to remember that security is not a zero-sum game."
The Finnish Parliament is anticipated to ratify the decision in the following days, but this is a formality.
Then, a formal membership application will be made to the NATO headquarters in Brussels.
On Sunday, neighboring Sweden will declare its stance on NATO.
According to sources, Mr. Niinisto called President Putin on Saturday to inform him of Finland's intention to join NATO.
Russia has consistently cautioned Finland and Sweden against joining NATO. Putin is rumored to have responded to Niinisto's request by stressing that NATO membership "would be a mistake, as there is no security threat to Finland."