The logo will change to TO for its app and social media profiles. The publisher is also adding "discover book share" to its logo for use in advertising to highlight the different ways people can use the site.
Adam & Eve/DDB created the new branding which shows the letters TO in red and in a circle on a black background.
The new look is designed to "work seamlessly" across digital, social and print channels.
There will also be a global print and digital campaign that will coincide with the rebrand on 1 March.
It will highlight the different products the brand has to offer including its live events and the Time Out Card which offers discounts at bars, restaurants and access to popular attractions.
Sarah Bartlett, the chief marketing officer at Time Out Group, told Campaign that the company wanted to stay true to its "strong heritage" – the title launched in London in 1968.
The brand is now global and reaches an audience of around 100 million people every month.
She explained that the addition of a strapline is to show that people can use Time Out to discover what to do in a city, book an experience and share it.
Tammy Einav, a managing director at Adam & Eve/DDB, added: "This project was a rare opportunity to refresh a nearly 50 year old, iconic global brand.
"The new visual identity gives Time Out global consistency and flexibility across their increasingly diverse channels."