The tablet will be the first device to ship with Android 4.3 Jelly Bean. The 16GB and 32GB Wi-Fi-only versions will cost $229.99 and $269.99, respectively, and the unlocked 32GB 4G LTE version will retail for $349.99.
Among the key features is the device's HD screen, which has a 1,920x1,200-pixel resolution and 323ppi.
Manufactured by Asus, the Nexus 7 measures 4.49 inches wide by 7.87 inches tall by 0.34-inch thick, and weighs 0.64-pound.
Powering the tablet is a 1.5GHz Qualcomm Snapdragon S4 processor and an Adreno 320 GPU (the same graphics chip used in the Samsung Galaxy S4).
The device also features a Slimport port. If media viewing is your thing, the Nexus 7 reportedly can run for 9 hours of HD video playback and 10 hours of Internet browsing.
You'll also get 2GB of RAM, Bluetooth 4.0, NFC, and wireless charging via any Q-compatible charger.
On the back of the device is a 5-megapixel camera.
Above the camera, you can see a 3.5mm headphone jack and a speaker grille.
A better view of the 5-megapixel rear-facing camera.
The front of the tablet houses the 1.2-megapixel camera.
Google's vice president of Android product management, Hugo Barra, holds up the Nexus 7 during the company's press conference.
Thanks to Android 4.3, the Nexus 7 will be able to stream HD video, will have greater graphics capabilities due to Open GL ES 3.0 support, and it will include multiuser restricted profiles.