When the film was first announced, both Jet Li and Donnie Yen were eyed for a role. On 18 May 2010, Yen was confirmed to be playing the title role of the Monkey King. The film was originally budgeted at 300 million yuan but later was raised to 400 million yuan. Filmko and Mandarin Films share in a 65% and 35% split the production cost. Later, it was announced Chow Yun-fat and Aaron Kwok will be playing the Jade Emperor and Bull Demon King respectively. Kwok's role is said to be breaking traditions for being handsome, stylish and fighting for love. Additional cast members were later announced including Cecilia Cheung, Gigi Leung, Kelly Chen, Peter Ho, Joe Chen and Liu Ye. On 17 May 2011, Zhang Zilin, winner of Miss World 2007, confirmed that she joined the film, playing the role of Nüwa, replacing Cecilia Cheung, who was originally announced in the role. However, Zhang claimed that she never heard that Cheung was to be in the film.

For the 3-D shoot, Filmko recruited Hollywood talents. The crew includes David Ebner (Alice in Wonderland, Spider-Man 3), who will serve as visual effects supervisor for the film and Shaun Smith (The Forbidden Kingdom, 300, I Am Legend) who will be the special make-up supervisor.