Featuring new vehicles, new weapons and new activities, the next-gen-flavoured game takes advantage of the new hardware with a higher resolution, increased draw distances, and denser traffic and foliage.
The radio stations will also be getting 100 new songs and DJ mixes thrown in, which will be music to the ears of everyone who has already completed the current-gen version.
Even better, Grand Theft Auto Online is upping its maximum capacity to 30 players at a time on both consoles. If you already own the PS3 or Xbox 360 version of the game, you'll be able to transfer your Grand Theft Auto Online characters to any of the new versions.
And if you choose to pre-order any of the new versions, Rockstar will slip you a shady briefcase with a million dollars of in-game cash to spend between GTA 5 and GTA Online.
A brand new trailer for the next-gen version of the game has been released, and it's brilliant and bizarre in equal measure.