The fixture computer has handed Pompey a home game on the opening day for a fourth successive season.
Luton – who secured promotion from League Two last term – will visit Fratton Park on Saturday, August 4.
Kenny Jackett is pleased that his side will start and finish the campaign in front of their own fans, as a clash with Accrington brings the curtain down in May.
And he hopes that Pompey can make the most of a busy start to the season by racking up plenty of points.
The Blues boss said: “It’s always good to kick things off with a home game and we’ve also got a home cup tie early on.
“We’re pleased with the start we’ve been given, although it certainly won’t be easy – that’s the case with every side we’ll face.
"It’s always good to kick things off with a home game.
“Luton beat us in the FA Cup last season and will be one of the fancied sides after coming up from League Two.
“There could be seven games for us to play in August and that month might have a big say on how we do.
“You look at other fixtures and it’s nice to be at home for the final match and also on New Year’s Day.
“I’m sure supporters will also pick out the games around the Christmas period and we don’t have too far to travel on Boxing Day.
“But our focus is generally on the beginning of the season and we’ll be doing all we can to get off to a positive start.”