This landmark policy has been one of Prime Minister Anthony Albanese's pet projects, and speaking to media on Wednesday he said he believed it has the power to change lives around the world.
"This is a day in which my pride to be prime minister of Australia has never been greater," he said, flanked by parents and media figures who had pushed for the ban.
"This is Australia showing enough is enough."
"I think it will go [down] with the other great reforms that Australia has led the world on."
Various governments, from the US state of Florida to the European Union, have been experimenting with limiting children's use of social media. But, along with a higher age limit of 16, Australia is the first jurisdiction to deny an exemption for parental approval in a policy like this - making its laws the world's strictest.
Countries like Denmark, Malaysia, Singapore, Greece and Brazil are among those who have said they're looking at Australia as a test case.
The Australian government has named 10 social media platforms as a start, including all of the most popular ones, but has also warned others it's coming for them next.
Online safety regulator, Julie Inman Grant, said her agency will start checking compliance from Thursday. Parents and children won't be liable under this law, only social media firms, which face fines of up to A$49.5m ($33m, £24.5m) for serious breaches.
"Tomorrow, I will issue information notices to the 10 major platforms and we will provide information to the public before Christmas on how these age restrictions are being implemented and whether, preliminarily, we see them working," she said.