The indictment covers several charges, including abuse of power, bribery, extortion and leaking state secrets.
This is the latest in a sequence of humiliations for the former president, who was forced to quit by massive peaceful demonstrations.
Park was impeached late last year and was officially stripped off of power in March.
She has been in a detention facility near Seoul since her arrest last month, on allegations that she collaborated with a confidante to extort money from businesses, take bribes and other wrongful acts.
The former president will remain at the detention center and transported to a court in Seoul to face trial.
The trial is expected to begin within weeks and could take up to six months.
It however not yet clear whether the trial will be underway before 9 May, when a special election will be held to choose her successor.
Shin Dong-bin, chairman of Lotte Group, was also indicted by prosecutors.
Dong-bin, chairman of South Korea's fifth-largest business conglomerate, was indicted of offering a $6m bribe to Park and her confidante, Choi Soon-Sil. The bribe was in exchange for a lucrative government license to open a new duty-free shop.
Park was elected in late 2012 as South Korea's first female president.
Though deeply unpopular among many of her countrymen, the 65-year-old still has supporters. Conservative politicians and media are already pressuring authorities to pardon her should she get convicted.
If convicted, Park's bribery charge carries the biggest punishment, ranging from ten years to life imprisonment.