Mullally starred on TV's "Will & Grace," while Oswalt was a cast member on "The King of Queens."
Preview performances are to begin April 9, with an official opening planned for April 29 at New York's American Airlines Theatre.
The limited engagement is to end June 20.
The play previously was staged off-Broadway in 1991.
"'Lips Together, Teeth Apart' takes place on the elegant deck of a beach house on Fire Island," show notes said. "A brother and sister and their respective spouses attempt to celebrate the Fourth of July with a gnawing uncertainty that makes their affluent habits and petty prejudices sizzle in the summer sun. In this unforgettable comedy, Terrence McNally does for the beach house what Chekhov did for the Russian country estate."