diff --git a/plugins/woocommerce/changelog/add-lys-default-values b/plugins/woocommerce/changelog/add-lys-default-values
new file mode 100644
index 00000000000..3239cd2bfdf
--- /dev/null
+++ b/plugins/woocommerce/changelog/add-lys-default-values
@@ -0,0 +1,4 @@
+Significance: patch
+Type: add
+
+Add default option values for Launch your store task
diff --git a/plugins/woocommerce/includes/class-woocommerce.php b/plugins/woocommerce/includes/class-woocommerce.php
index 0a6cb7cffd8..4c52111de91 100644
--- a/plugins/woocommerce/includes/class-woocommerce.php
+++ b/plugins/woocommerce/includes/class-woocommerce.php
@@ -24,6 +24,8 @@ use Automattic\WooCommerce\Internal\Utilities\WebhookUtil;
 use Automattic\WooCommerce\Internal\Admin\Marketplace;
 use Automattic\WooCommerce\Proxies\LegacyProxy;
 use Automattic\WooCommerce\Utilities\{ LoggingUtil, TimeUtil };
+use Automattic\WooCommerce\Admin\WCAdminHelper;
+use Automattic\WooCommerce\Admin\Features\Features;
 
 /**
  * Main WooCommerce Class.
@@ -253,6 +255,11 @@ final class WooCommerce {
 		add_action( 'woocommerce_installed', array( $this, 'add_woocommerce_remote_variant' ) );
 		add_action( 'woocommerce_updated', array( $this, 'add_woocommerce_remote_variant' ) );
 
+		if ( Features::is_enabled( 'launch-your-store' ) ) {
+			add_action( 'woocommerce_newly_installed', array( $this, 'add_lys_default_values' ) );
+			add_action( 'woocommerce_updated', array( $this, 'add_lys_default_values' ) );
+		}
+
 		// These classes set up hooks on instantiation.
 		$container = wc_get_container();
 		$container->get( ProductDownloadDirectories::class );
@@ -307,6 +314,35 @@ final class WooCommerce {
 		}
 	}
 
+	/**
+	 * Set default option values for launch your store task.
+	 */
+	public function add_lys_default_values() {
+		$is_new_install = current_action() === 'woocommerce_newly_installed';
+
+		$coming_soon      = $is_new_install ? 'yes' : 'no';
+		$launch_status    = $is_new_install ? 'unlaunched' : 'launched';
+		$store_pages_only = WCAdminHelper::is_site_fresh() ? 'no' : 'yes';
+		$private_link     = 'yes';
+		$share_key        = wp_generate_password( 32, false );
+
+		if ( false === get_option( 'woocommerce_coming_soon', false ) ) {
+			update_option( 'woocommerce_coming_soon', $coming_soon );
+		}
+		if ( false === get_option( 'woocommerce_store_pages_only', false ) ) {
+			update_option( 'woocommerce_store_pages_only', $store_pages_only );
+		}
+		if ( false === get_option( 'woocommerce_private_link', false ) ) {
+			update_option( 'woocommerce_private_link', $private_link );
+		}
+		if ( false === get_option( 'woocommerce_share_key', false ) ) {
+			update_option( 'woocommerce_share_key', $share_key );
+		}
+		if ( false === get_option( 'launch-status', false ) ) {
+			update_option( 'launch-status', $launch_status );
+		}
+	}
+
 	/**
 	 * Ensures fatal errors are logged so they can be picked up in the status report.
 	 *
diff --git a/plugins/woocommerce/src/Admin/API/Options.php b/plugins/woocommerce/src/Admin/API/Options.php
index 1cd59c9bfc0..5a36cbcefc3 100644
--- a/plugins/woocommerce/src/Admin/API/Options.php
+++ b/plugins/woocommerce/src/Admin/API/Options.php
@@ -220,6 +220,11 @@ class Options extends \WC_REST_Data_Controller {
 			'woocommerce_admin_customize_store_completed',
 			'woocommerce_admin_customize_store_completed_theme_id',
 			'woocommerce_admin_customize_store_survey_completed',
+			'woocommerce_coming_soon',
+			'woocommerce_store_pages_only',
+			'woocommerce_private_link',
+			'woocommerce_share_key',
+			'launch-status',
 			// WC Test helper options.
 			'wc-admin-test-helper-rest-api-filters',
 			'wc_admin_helper_feature_values',
diff --git a/plugins/woocommerce/tests/php/includes/class-woocommerce-test.php b/plugins/woocommerce/tests/php/includes/class-woocommerce-test.php
index a048cd20669..e27603f4b35 100644
--- a/plugins/woocommerce/tests/php/includes/class-woocommerce-test.php
+++ b/plugins/woocommerce/tests/php/includes/class-woocommerce-test.php
@@ -4,6 +4,19 @@
  * Unit tests for the WooCommerce class.
  */
 class WooCommerce_Test extends \WC_Unit_Test_Case {
+	/**
+	 * Setup test data. Called before every test.
+	 */
+	public function setUp(): void {
+		parent::setUp();
+
+		$this->user = $this->factory->user->create(
+			array(
+				'role' => 'administrator',
+			)
+		);
+		wp_set_current_user( $this->user );
+	}
 
 	/**
 	 * Test that the $api property is defined, public and initialized correctly.
@@ -14,4 +27,83 @@ class WooCommerce_Test extends \WC_Unit_Test_Case {
 		$this->assertTrue( $property->isPublic() );
 		$this->assertInstanceOf( WC_API::class, $property->getValue( WC() ) );
 	}
+
+	/**
+	 * Tear down.
+	 */
+	public function tearDown(): void {
+		parent::tearDown();
+
+		delete_option( 'woocommerce_coming_soon' );
+		delete_option( 'woocommerce_store_pages_only' );
+		delete_option( 'woocommerce_private_link' );
+		delete_option( 'woocommerce_share_key' );
+		delete_option( 'launch-status' );
+	}
+
+	/**
+	 * Test for add_lys_default_values method on fresh installation.
+	 */
+	public function test_add_lys_default_values_on_fresh_installation() {
+		update_option( 'fresh_site', '1' );
+
+		$this->set_current_action( 'woocommerce_newly_installed' );
+		( WooCommerce::instance() )->add_lys_default_values();
+
+		$this->assertEquals( 'yes', get_option( 'woocommerce_coming_soon' ) );
+		$this->assertEquals( 'no', get_option( 'woocommerce_store_pages_only' ) );
+		$this->assertEquals( 'yes', get_option( 'woocommerce_private_link' ) );
+		$this->assertNotEmpty( get_option( 'woocommerce_share_key' ) );
+		$this->assertMatchesRegularExpression( '/^[a-zA-Z0-9]{32}$/', get_option( 'woocommerce_share_key' ) );
+		$this->assertEquals( 'unlaunched', get_option( 'launch-status' ) );
+	}
+
+	/**
+	 * Test for add_lys_default_values method on WooCommerce update.
+	 */
+	public function test_add_lys_default_values_on_woocommerce_update() {
+		update_option( 'fresh_site', '0' );
+
+		$this->set_current_action( 'woocommerce_updated' );
+		( WooCommerce::instance() )->add_lys_default_values();
+
+		$this->assertEquals( 'no', get_option( 'woocommerce_coming_soon' ) );
+		$this->assertEquals( 'yes', get_option( 'woocommerce_store_pages_only' ) );
+		$this->assertEquals( 'yes', get_option( 'woocommerce_private_link' ) );
+		$this->assertNotEmpty( get_option( 'woocommerce_share_key' ) );
+		$this->assertMatchesRegularExpression( '/^[a-zA-Z0-9]{32}$/', get_option( 'woocommerce_share_key' ) );
+		$this->assertEquals( 'launched', get_option( 'launch-status' ) );
+	}
+
+	/**
+	 * Test for add_lys_default_values method when options are already set.
+	 *
+	 */
+	public function test_add_lys_default_values_when_options_are_already_set() {
+		update_option( 'fresh_site', '0' );
+		update_option( 'woocommerce_coming_soon', 'yes' );
+		update_option( 'woocommerce_store_pages_only', 'no' );
+		update_option( 'woocommerce_private_link', 'yes' );
+		update_option( 'woocommerce_share_key', 'test' );
+		update_option( 'launch-status', 'unlaunched' );
+
+		$this->set_current_action( 'woocommerce_updated' );
+		( WooCommerce::instance() )->add_lys_default_values();
+
+		$this->assertEquals( 'yes', get_option( 'woocommerce_coming_soon' ) );
+		$this->assertEquals( 'no', get_option( 'woocommerce_store_pages_only' ) );
+		$this->assertEquals( 'yes', get_option( 'woocommerce_private_link' ) );
+		$this->assertEquals( 'test', get_option( 'woocommerce_share_key' ) );
+		$this->assertEquals( 'unlaunched', get_option( 'launch-status' ) );
+	}
+
+	/**
+	 * Helper method to set the current action for testing.
+	 *
+	 * @param string $action The action to set.
+	 */
+	private function set_current_action( $action ) {
+		global $wp_current_filter;
+		$wp_current_filter[] = $action; // phpcs:ignore WordPress.WP.GlobalVariablesOverride.Prohibited
+	}
 }