The Finn beat Ferrari's Sebastian Vettel in a close-fought battle for pole, with the pair separated by just a tenth of a second.
After scoring his first F1 podium here in Spielberg in 2014, Valtteri claimed pole number two - the team's seventh pole in nine races and third in Austria in four years.
"What a special feeling," said Valtteri. "It's only the second pole for me and hopefully there's more to come.
"It was a good lap in Q3, if not quite perfect. Today was all about building up the confidence in the car. I got it set up nicely and it's great to get the second pole position of my career.
"I'm going to focus on my own race, rather than looking behind me tomorrow, but we will not underestimate the Ferraris. It's going to be close and should be an interesting fight. Hopefully Lewis can fight back and we can score strong points for the team.
"The weather could be important tomorrow but starting first, I won't complain if the rain stays away. The car feels great, especially on high fuel, and I'm ready to win. That's the only target. It's been too long since Russia."