Sixteen members of the military regime's governing State Administration Council have been targeted as key individuals responsible for the coup.
The military-controlled Myanmar Economic Public Holdings and Myanmar Economic Corporation have also been sanctioned.
Foreign Minister Penny Wong said sanctions were rarely the first choice in Australia's diplomatic arsenal.
"The military regime has responded violently to any form of political expression, including peaceful protests. There is evidence thousands of civilians, including children, have been jailed, tortured, or killed," she said.
"The government will bring all aspects of Australian power to our foreign policy, employ every strategy at our disposal towards upholding rights consistent with our values and our interests."
Sixteen senior Iranian law enforcement and military officials, including members of the Islamic Revolutionary Guard, and one entity have also been slapped with targeted Magnitsky-style sanctions and travel bans.
It includes people involved in the violent crackdown on protests following the death of Mahsa Amini and the continued oppression of Iranian people.
Four Iranians and four entities have also been targeted for their production and supply of drones to Russia to be used to target Ukrainian civilians and infrastructure.
"Australia stands with the people of Myanmar, the people of Iran and with the people of Ukraine," Senator Wong said.
Opposition foreign affairs spokesman Simon Birmingham welcomed the sanctions.
"The coalition has consistently called for more action to hold Iran to account, while offering strong bipartisan support for action in relation to both Iran and Myanmar," he wrote on Twitter.
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