The announcement came despite concerns from the international hub's business community that the city remains indefinitely cut off from the rest of the world, with one of the strictest mandatory quarantine regimes of any jurisdiction.
Most arrivals have to undergo 14 to 21 days of hotel quarantine.
Chief Executive Carrie Lam said Hong Kong will now go even further as she tries to persuade China's leaders to restore travel with the mainland.
"Soon we will... announce that most of the quarantine exemptions granted to specific groups of visitors coming from overseas and mainland will be cancelled," Lam said, adding only essential workers such as cross-border truck drivers would be allowed to make quarantine-free trips.
At present, Hong Kong allows certain groups of people to skip quarantine or isolate at home. They include diplomats and business leaders as well as some mainlanders with Hong Kong resident cards.
Lam did not detail which categories would now be denied exemptions.
Last month, Hollywood star Nicole Kidman was allowed to skip quarantine to shoot a television show, a decision that sparked much public anger.