For the second year running the company has decided to take on its rivals in the all-important festive season by highlighting the work it does for good causes.
Last year's campaign saw Delia Smith and Heston Blumenthal standing next to one of the shop's charity appeal box in an austere, empty studio.
Both the celebrity chefs waived their appearance fees, and company bosses said money saved on the "unglamorous" advert meant they were able to donate £1 million to charity.
The latest advert, which will be premiered during tonight's X Factor, is titled The Story Of Giving Something Back.
The simple film, which follows a young boy out shopping with his mother as he decides which charity to give a Waitrose green token to, highlights the fundraising work done by the store.
The camera then cuts to pensioners tucking into a roast gammon lunch at St John's church hall in Hythe, Dibden in Hampshire - which is one of 40,000 local causes backed by Waitrose through its Community Matters scheme.
Mark Price, the company's chief executive, revealed that Waitrose will donate around £1 million to local charities over the next three months, and staff will be volunteering with the schemes.
He said: "We'll still be advertising what shoppers can buy in Waitrose for Christmas but we wanted to devote a percentage of our ad spend to highlight the importance of charity and social good.
"It's all part of a theme for Waitrose that our role is much bigger than being a food supplier, it's about our role in society and the communities in which we trade."
St John's Church warden Chris Lund, who has been running the weekly lunch club for six years, warned that many elderly people suffer from loneliness and isolation at Christmas.
Money raised by the supermarket helps to tackle this and bring communities together, he said.
He said: "The day Waitrose filmed its advert was more hectic than usual but everyone had fun. We thoroughly enjoyed it. The staff from Waitrose were lovely. They are wonderful people.
"Loneliness and isolation are issues any time of year and the real danger is that it is out of sight and out of mind.
"Many of the people who come to lunch were teachers, engineers - incredibly bright and influential people and now they are not as mobile. But their stories are still valid and valued here."
Rupert Thomas, marketing director, said: "I hope this ad will remind people that putting their green token in the Community Matters box can help their community in simple, heartfelt ways that can make a real difference."
Since its launch in 2008, the scheme has donated £14 million to thousands of local charities chosen by the supermarket's customers.
The advertising strategy is in stark contrast to many of the other big high street retailers which have focused on the glitz and glamour of the Christmas season.
Supermarket chains Aldi and Lidl are both launching campaigns that focus on their luxury ranges, which both stores have expanded to include lobster.
Meanwhile, Marks and Spencer has hired British actress Helena Bonham Carter and model Rosie Huntington-Whiteley to star in its Alice in Wonderland-inspired advert.