Dixon gets the All Black call-up
Dixon comes into the starting XV in place of Jerome Kaino while there will be two possible new caps in prop Ofa Tu'ungafasi and loose forward Liam Squire, who have been named on the bench.
Squire replaces Ardie Savea on the bench while Charlie Faumuina replaces Owen Franks in the No.3 jersey.
All Blacks head coach Steve Hansen said, in selecting the side, the selectors had to take into consideration the need to find out more about the squad.
"With the Series won, it came down to risk and reward and we felt the rewards of seeing these new players in the Test arena, after watching them for three weeks on the training pitch, outweighed any risks. It'll be exciting to see these new players making their mark for the first time in the black jersey.
"That said, we're expecting another brutal Test match, with the expectation that Wales will again chuck the kitchen sink at us. We've seen over the last two Tests that they're a very good side who play physical, combative and innovative rugby. Our own expectations are as high as ever and we'll be looking for continued improvement right across our game," Hansen said.
In the backs, Beauden Barrett replaces the injured Aaron Cruden at flyhalf with Lima Sopoaga taking his place among the replacements. George Moala will start at centre in his second Test replacing the injured Malakai Fekitoa and Julian Savea is back in the No.11 jersey, with Waisake Naholo moving to the bench.
In other changes to the matchday 23, Codie Taylor has been named at replacement hooker, Luke Romano comes in as lock cover and Tawera Kerr-Barlow is the replacement scrumhalf.
It will be a special night also for lock Brodie Retallick and Aaron Smith, who will play their 50th Tests for the All Blacks. The pair made their Test debuts in the same Test, against Ireland in June 2012.
"We have a further two players playing their 50th Test this weekend. On behalf of the team, we would like to congratulate Aaron and Brodie on reaching this special milestone and they can be rightly proud of everything they have achieved so far in the black jersey.
"Playing in Dunedin is always something special because of the enclosed stadium. There's no need to worry about the weather and it's always a hard and fast pitch, while the proximity of the crowd also creates an awesome atmosphere," Hansen added.
In another milestone, Samuel Whitelock will become the third-most capped All Blacks lock behind Ian Jones (79) and Ali Williams (77) as he is set to make his 75th Test appearance.
New Zealand: 15 Israel Dagg, 14 Ben Smith, 13 George Moala, 12 Ryan Crotty, 11 Julian Savea, 10 Beauden Barrett, 9 Aaron Smith , 8 Kieran Read (captain), 7 Sam Cane, 6 Elliot Dixon, 5 Samuel Whitelock, 4 Brodie Retallick, 3 Charlie Faumuina, 2 Dane Coles, 1 Joe Moody.
Replacements: 16 Codie Taylor, 17 Wyatt Crockett, 18 Ofa Tu'ungafasi, 19 Luke Romano, 20 Liam Squire, 21 Tawera Kerr-Barlow, 22 Lima Sopoaga, 23 Waisake Naholo.
Date: Saturday, June 25
Venue: Forsyth Barr Stadium, Dunedin
Kick-off: 19.35 (07.35 GMT, 08.35 BST)
Referee: Jérôme Garcès (France)
Assistant referees: Jaco Peyper (South Africa), Andrew Lees (Australia)
TMO: George Ayoub (Australia)