The bid has the full backing of the Government and the mayor of London, UKA said.
Sebastian Coe will personally submit the bid at this month's World Championships in Daegu, South Korea, and a decision is expected in November.
Coe said: "The IAAF and the athletics family have been unwavering in their support for an Olympic legacy and played a crucial role in securing it.
"A successful bid will be our opportunity to say thank you for that constant support by delivering a fantastic IAAF World Championships in London that will help drive more young people in to the sport."
It was revealed in March that London intended to bid for the event, having last year withdrawn a bid for the 2015 World Championships - now taking place in Beijing - because of uncertainty over the future of the Olympic Stadium.
And there had been doubts over whether a bid for the 2017 edition would go ahead with the legal wrangling over the future of the stadium in east London still not over.
Tottenham have gone to court to seek a judicial review of the decision to award the stadium to West Ham after next year's Games.
But sports minister Hugh Robertson said: "The demand for London 2012 athletics tickets proves the level of public support that exists for world class track and field. Hosting the 2017 IAAF World Athletics Championships would be a wonderful legacy from London 2012 and help us fulfil a commitment made during the bid.
"We have vast experience in hosting world class sporting events and London would be a fantastic location for the Championships. It would provide a considerable boost to the capital's economy and help grow the sport by inspiring young people."
London mayor Boris Johnson added: "London is one of the most cosmopolitan and diverse cities in the world and so athletes can count on some fantastic support if we are lucky enough to host the World Athletics Championships in 2017.
"We have a magnificent stadium to offer as a venue and I am in no doubt that we can fill it to the rafters with cheering athletics fans representing every corner of the world. Staging this highly-regarded competition also presents us with a huge opportunity to build even further on the economic and sporting legacy of the 2012 Games and so I really hope that London is the winning bid."
London will face competition from rival bidders Budapest, Doha and an as yet unnamed Spanish city with a decision to be made at the IAAF council in Monaco on November 11.
UKA chairman Ed Warner said: "We have the resources, the technical excellence and of course a deep rooted passion for sport. That combined with this committed coalition is, I hope a winning combination for the number one Olympic sport."
Liz Nicholl, UK Sport's chief executive, said: "UK Sport is committed to using the London 2012 Olympic and Paralympic Games as a catalyst for bringing even more world class events to towns and cities right across the UK."