The trip Down Under will be Halfpenny's second journey with the Lions after he was selected for the 2009 tour to South Africa.
But after struggling with a thigh injury on that tour, a distraught Halfpenny was forced to fly home as his body failed to recover.
Selection this time around comes after a season where Halfpenny has stood out as the form full back in northern hemisphere rugby. The Cardiff Blues man was named RBS 6 Nations player of the tournament after Wales retained their title in March, his metronomic goal kicking vital to Wales' success.
And now with a Lions tour to follow this summer, Halfpenny says he can't wait to meet up with the 37-man squad.
"I'm over the moon about it. To be picked on a Lions tour is really special," he said.
"It's the pinnacle of an international player's career and it's what you work hard for.
"It's an amazing feeling to be selected again."
While the 2009 tour did not go as planned for Halfpenny, he says he learnt a lot from the experience. The Cardiff Blues man was the youngest player on that trip and as such, was given the traditional role of looking after the tour mascot.
"I'm a lot more experienced now than I was back then," said Halfpenny, who is one of 15 Welsh players selected for the upcoming tour.
"For me, it's about taking this opportunity now and working hard for what every player wants - the Test jersey. That's what we're there for, to win a Test series and compete for a starting spot.
"I'll just be trying to prepare as best I can so that when we do meet up as a squad, we can hit the ground running."
Halfpenny is one of four Cardiff Blues players going to Australia, the most high profile of which is of course, tour captain Sam Warburton.
And after playing with Warburton at both regional and national level, Halfpenny says he is the right choice to lead the squad.
"Sam will lead from the front," Halfpenny added.
"It's a huge honour for him to captain the Lions, he's a fantastic player and though he's not a man of many words, when he does speak, you know he means every single word.
"It comes from the heart and he'll be showing plenty of passion out there. I'm sure all the boys will be looking to get behind him and support him."