The device will run Android 4.1 (aka Jelly Bean), the latest iteration of Google's operating system for phones and tablets.
Google showed off some of the tablets meaty specs, including a 1,280x800 display, a Tegra 3 chipset with quad-core CPU and 12-core GPU, dual webcams (1.2-megapixel rear-facing camera), WiFi and Bluetooth connectivity, NFC capabilities and more. The device weighs in at only 340 grams.
The Nexus 7 boasts a battery life of up to 9 hours of HD video playback and up to 300 hours of standby, according to Google's estimates.
Google said that the device is available today for $199 and will start shipping in July to customers in the U.S., Canada, the U.K. and Australia. Nexus 7 will be coming to more countries soon, the company promised.
Check out our live blog from Google I/O 2012 to catch up on all the huge announcements the company made on Wednesday.