A single adult tram ticket will cost £1.50 and a child fare 70p, the city council said.
But a return tram ticket to the airport will be more expensive than Lothian Buses' Airlink service, costing £7.50 for adults and £4 for children, compared with bus fares of £6 and £3 respectively.
A £3.50 adult bus day ticket will now also be eligible for tram journeys and passengers can board a tram at the airport and travel on trams and buses all day for £8.
Drivers will also be able to take the tram from Ingliston park and ride for £2.50, with a £1.50 child fare.
National Entitlement Card holders will be able to use their cards on the tram through a council-funded scheme.
The trams will begin transporting passengers by May next year, according to the city council.
Transport convener Lesley Hinds said: "The tram will offer a fast, comfortable, convenient and reliable transport option at a very good price. With Lothian Buses, we've ensured that the bus and tram ticketing systems are fully integrated for ease of use and to keep costs low.
"Ridacards and day tickets will be usable across bus and tram, while a single ticket will be the same price across both. Like most cities, there's an airport supplement and this is part of the business model to ensure the service is cost effective in operation.
"With the end of tramworks nearing and a passenger service in sight, this is the perfect time to develop a new approach to transport in our city.
"With their existing knowledge and expertise, Lothian Buses is ideally positioned to thrive with the tram and I'm very pleased that we're working in partnership with them."
The first section of the tram route was completed and handed over to the council in March and since the summer, and overhead and underground cables are now being installed.
Tram testing between the airport and Edinburgh Park will begin in early October while test trams will be running along the entire route by early December.
After six years of construction the streets of the city will be clear of roadworks by October 19, according to the council.
The trams project has been hit by problems including a long-running dispute between the council and its contractor.
Work restarted last year on a more expensive but much shorter line. It was originally intended that trams would run from Edinburgh Airport to Newhaven in the north for £545 million but will now terminate in York Place in the city centre and cost £776 million.