The braking system will also be upgraded to magnetic brakes, with tracks replaced and a new-look design will appear on the iconic amusement ride.
During its 21 years in operation at Movie World, more than 21.9 million people have taken a turn on the Spooky Coaster.
In a post on its social media page, Movie World said it seeks "continually evolving and enhancing our guests’ experience”.
"This announcement follows the recent Wild West Falls Adventure Ride, Road Runner Rollercoaster and Justice League 3D – The Ride upgrades."
Thrill-seekers can brace for a new precinct opening in 2024, based around the Wizard of Oz.
Stay up to date with the latest headlines from around the country with LiSTNR's National Briefing: