The novel, translated from the Polish by Antonia Lloyd-Jones and published by Fitzcarraldo Editions, is set in 1913.
Its main protagonist is a young Pole suffering from tuberculosis who arrives for treatment in a mountain health resort.
According to the publisher: "A century after the publication of The Magic Mountain, Olga Tokarczuk revisits Thomas Mann's territory and lays claim to it, blending horror story, comedy, folklore and feminist parable with brilliant storytelling."
Earlier this week, Tokarczuk on Wednesday received an honorary doctorate from the Sorbonne University in Paris.
The university described The Empusium as "both a delightful dialogue with The Magic Mountain by Thomas Mann, and a critical re-examination of texts on women from antiquity to the 20th century."
Tokarczuk is the recipient of the 2018 Nobel Prize in Literature. Her output incudes nine novels and three short story collections.
The Empusium is her fourth novel to appear in English with Fitzcarraldo Editions.
Ten books by authors from seven countries—Poland, Croatia, the Czech Republic, Hungary, Moldova, Turkey and Ukraine—are vying for the EBRD Literature Prize, with three finalists set to be announced next month and the winner on June 24.
Ukraine is represented by three writers, and Croatia by two.
Prize money of EUR 20,000 will be divided equally between the winning author and translator.
The European Bank for Reconstruction and Development is an international financial institution that supports projects in more than 30 countries.
(mk/gs)