PM Albanese said Australia and India have never been closer.
"The bonds between our two nations are lifelong and inter-generational, built on the deep and enduring links between our people," PM Albanese said in a statement.
"The Indian diaspora here in Australia is the lifeblood of our friendship," he added.
India celebrates 26 January as Republic Day to honour the day the Constitution of India came into effect in 1950 and transitioned from being a British dominion to a sovereign democratic republic.
The Leader of the Opposition, Peter Dutton, on behalf of the Coalition, extended best wishes to Indian Prime Minister Narendra Modi and Australians of Indian descent.
"As Australians serendipitously celebrate our national day and our own modern democratic achievement, we extend our congratulations to our friends in India," Mr Dutton said.
"Happy Republic Day to India," he added.