The campaign, which breaks on 1 May, involves outdoor and viral elements.
It introduces the endline: "Still brewed to the 16th-century purity law. Just water, barley malt and hops."
The ads focus on fictional ancient brewers who are still committed to working to the original standard of quality in the modern Holsten Pils factory.
The characters have been made to look more than 400 years old through the use of prosthetics.
The headline for one ad reads: "I used to listen to Beethoven but he's gone a bit mainstream. Niklas Dunhop, brewer, 469 years old."
It is the first work to emerge since Fallon replaced TBWA\London as Holsten UK's agency of record in February without a formal pitch.
Ben Peters, the marketing director for Holsten UK, said: "The Holsten brand has a tradition of great and compelling advertising.
"We feel that this campaign reinstates Holsten Pils as the creative, intelligent advertiser and further communicates the brand's superior quality."
Juan Cabral was the copywriter and art director. The director on the viral work was James Gilchrist through the production company Small Family Business.
The prosthetics were produced by Hybrid FX Enterprises, whose previous credits include The Lord of the Rings.
The executions will run across key UK cities in the form of 48- and 96-sheets and Underground cross-tracks, along with versions in men's lifestyle magazines, beer mats and postcards.
Each brewer is brought to life in a viral spot that incorporates a documentary-style biography and interview along with a glimpse into their daily life in the factory.
Media planning and buying is by Starcom MediaVest.
Andy McLeod, the creative director at Fallon, said: "Holsten Pils is a great brand that deserves great advertising. It needs a campaign that stands out and punches above its weight. This work does exactly that."