Thunder River Rapids ride in the park will be permanently demolished and a permanent memorial will be erected for the victims of the accident.
Austarlia's biggest theme park, Dreamworld, announced it's re-opening on Wednesday, six weeks after four people were killed on a malfunctioning water ride.
This fatal accident took place after an all-clear safety review was given to the ride.
Two women and two men died when rafts on the Thunder River Rapids ride collided on October 25, at Dreamworld -- a popular tourist attraction on the Gold Coast.
Ardent Leisure, the company which owns the park, initially came in for heavy criticism by the public for the way it handled the accident.
It said that it would resume operations on December 10, and all funds from the opening weekend are going to charity.
It had previously announced that the Thunder River Rapids ride in the park will be permanently demolished and a permanent memorial will be erected for the victims of the accident.
"Every ride and slide open on 10th December will have passed a rigorously conducted, multi-level safety review," said chief executive Craig Davidson.
Ardent has also admitted that the closure of the park has cost it millions of dollars.
A coroner is currently investigating the accident.
The park has hosted 30 million people since it's opening in 1981 and October's disaster was its first fatal accident.
(WION with inputs from AFP)