"After not being able to play for the past year it is brilliant to finally have our opponents for Toyko 2020 confirmed and we couldn't have picked a better first opponent.
"The whole squad are now just enormously excited to get to Japan and get the competition underway."
The Football Ferns' best finish in their three previous Olympic campaigns was a quarter-final finish in 2012.
Meanwhile, the Oly Whites national under-24 men's team have had much better luck, receiving the best possible draw.
They have managed to avoid heavyweights Argentina, Brazil, Germany, Spain and France to be drawn with South Korea, Honduras and Romania.
They've never made it past the group stages in two previous participations.
"I'm delighted to be talking about international football after the past year," said head coach Danny Hay.
"The whole squad has been waiting for the opportunity to represent the country and are hugely excited about going to Japan to do so.
"There are no easy games in international football but it is fair to say we did manage to avoid some of the traditionally bigger nations.
"We just can't wait to get over there now and start playing to properly test ourselves and on the world stage."
Men's draw
Group A: Japan, Mexico, South Africa, France
Group B: New Zealand, South Korea, Honduras, Romania
Group C: Argentina, Spain, Egypt, Australia
Group D: Brazil, Germany, Ivory Coast, Saudi Arabia
Women's draw
Group E: Japan, Great Britain, Canada, Chile
Group F: Netherlands, Brazil, China, Zambia
Group G: New Zealand, USA, Sweden, Australia