It succeeds the free app it launched in 2010, which featured a limited selection of content from the papers and was sponsored by Audi.
The new app is available free to subscribers to the print editions of the titles.
Non-subscribers can either buy a monthly subscription, which is priced at £9.99 per month and rolls over automatically, or individual daily editions, priced at £1.19.
Print subscribers will be asked for their Telegraph customer account information and password, which will give them access to daily editions.
The new app will be available every morning, seven days a week offering sport, news, business, comment and culture content.
Edward Roussel, digital editor of TMG, said the new app was more comprehensive than its predecessor, amounting to a "digital edition of the newspaper".
Key features include pictures galleries, video, interactive crossword puzzles, an archive feature, night-reading mode, and a pinch-and-zoom facility that changes the text size within articles.
Roussel said the night-reading mode had been introduced as research had discovered a spike in traffic between 9pm and 10pm on the previous app.
The app does not have an overall sponsor, but NatWest and Audi are individual initial advertisers.
will go live with a metered paywall across The Daily Telegraph and The Sunday Telegraph in September.
But Roussel insisted today that TMG had not finalised its plans: "We haven’t formed a view. We have not made a decision. We are not for or against it. We are continuing to look at it."
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