The new measures will come into force at 6 p.m. on Friday.
He said that the measures were to "reset the clock and allow us to get through to Christmas".
"People must stay at home, except for very limited purposes, such as for exercise," according to the new measures.
People will be banned from meeting people outside of their household both indoors and outdoors. Public Halloween and bonfire night celebrations will not go ahead.
Holidaymakers from outside Wales will be subject to the same restrictions—essentially banning tourism.
Asked how the measures would be enforced, Drakeford said that public cooperation was essential.
Drakeford sought to allay concerns that the lockdown would be extended ad infinitum if there was no apparent downturn in the spread of the virus.
The Welsh government has put aside £300 million ($390 million) to help businesses hit by the new restrictions.