The upmarket grocery chain is also relaunching its Waitrose Food Illustrated customer magazine as Waitrose Kitchen and introducing Waitrose weekend, a free weekly magazine.
The TV ad breaks on 25 March and takes up the entire 3.5-minute ad break in Coronation Street on ITV.
The ad takes the form of a mini cookery programme, which sees Blumenthal discussing a meat dish and giving tips on how to make it, followed by Smith who gives a step-by-step demonstration of how to cook a desert.
The ad was trailed with a 20-second film trailer style “ad for the ad” yesterday (21 March).
Recipe cards for the dishes demonstrated by Blumenthal and Smith will be available in store from 25 March and key ingredients will be on special offer.
The launch ad will be followed by several shorter TV executions and complementary press ads.
The new-look Waitrose Kitchen and Waitrose Weekend magazines will be available in stores from 25 March.
Waitrose Kitchen includes a joint interview with Delia Smith and Blumenthal.
The 16-page Weekend title aims to “help families make the most of their weekends” with tips on food, drink, books and trips.