The polls will be the first since a referendum past year that transformed Turkey's parliamentary democracy into a powerful executive presidency and will hand the president sweeping new powers after the elections.
The Turkish president said he took the decision after discussions with his political ally Devlet Bahceli, the leader of the Nationalist Movement Party (MHP).
Erdogan should have waited until next year to be able to rule Turkey under an executive presidency. The snap elections are a key test for Erdogan's Justice and Development Party (AKP), which despite holding a parliamentary majority, faces challenges that could erode its popularity.
Bahceli said that snap elections must be held on August 26, 2018.
The main opposition CHP party called for an immediate end to the emergency, which allows Erdogan and the government to bypass parliament in passing new laws and allows them to suspend rights and freedoms.
"The state of emergency needs to be lifted immediately, there can not be an election under emergency rule".
Turkey is switching from a parliamentary system to a presidential one that will increase the powers of the president.
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As a result, the NBA's best post player is a strong candidate to be the defensive player of the year and make an all-NBA team . Olynyk and James Johnson , who closed with 13 points, three rebounds and four assists, were leading the charge.
Markets, seemingly assessing that a freshly elected government will have the mandate to effectively deal with the evolving economic malaise, were lifted by the announcement of early elections, first called for by MHP leader Devlet Bahceli.
Turkish parliament ratified on Wednesday a Prime Ministry's motion, extending the ongoing state of emergency in Turkey for three months. "The country needs to brought out of the emergency rule regime starting today".
Turkey has been continuing military operations in that country.
Turkey's lira firmed against the dollar after Erdogan's announcement and was at 4.0140 at 1815 GMT. The yield on Turkey's benchmark bond fell some 10 basis points.
The polls will also give Erdogan a chance to extend his stay in power with a new five-year mandate, after already serving 15 years in power as premier and then president.
"We discussed [Bahceli's] proposal, we agreed on the need for early elections".