The TV and cinema spot, which will run in 60- and 30-second versions, was created by TBWA/Paris and marries golf with motor racing - the sport with which Tag Heuer has become synonymous - to promote the brand value of precision timekeeping.
The advertising is the first to feature Tiger Woods as a brand "ambassador" since Tag Heuer signed the star last October.
The spot is part of Tag Heuer's "What are you made of?" campaign and uses the strapline: "Who can beat Tiger Woods?"
The spot uses visual special effects to show Woods driving a golf ball around the streets of Monaco in a race against a Formula One vehicle.
As the car races a circuit - including the famous tunnel used in the Monaco Grand Prix - the ball is shown keeping pace. It ends in a dead heat, with the golfball spinning within the wheel rim of the racing car as it crosses the finish line.
"Tag Heuer is built on famous commercials. In the watch business, it is mainly print and billboard advertising, but we have always been different," Pascale O'Neill, the worldwide marketing director at Tag Heuer, said.
The spot will debut in cinemas during the opening of The Matrix Reloaded on 23 May.
Tag Heuer is the official timekeeper of the Formula One championship, and the commercial will debut on TV around the Monaco Grand Prix, although it will not appear during coverage of the race.
The spot was written by Benoit Leroux and art directed by Philippe Taroux.
It was directed by Christophe Chrudimak and Mortiz Friedel from Rad-Ish.
The special effects were created by the post-production house GANG. Media planning and buying is by Carat.