The German-Austrian actor played the iconic role in the previous 2015 instalment "Spectre", in which his fate was left hanging after his helicopter was shot down by Bond.
Despite rumours Blofeld would be back, Waltz heavily hinted in interviews he would not return - with Rami Malek taking over as the main adversary of Daniel Craig's superspy - but the Spectre chief briefly appears in the new trailer.
In it, Blofeld is shown incarcerated in a high-security cell, and says, "When her secret finds its way out, it'll be the death of him," with other scenes suggesting that Bond discovers something devastating about another returning character, Lea Seydoux's Dr Madeleine Swann.
Another notable moment is the first glimpse of Rami Malek's main villain, Safin, who Bond accuses of attempting to "play God" when the pair face off. Fans have speculated that Safin may end up being a version of another legendary villain from the franchise, Dr. No.
Craig's character is billed as beginning the film in retirement and is also shown meeting his replacement as 007, Nomi, played by Lashana Lynch.
After meeting her predecessor Nomi is shown as telling Bond that "the world has moved on" and to "stay in your lane" or she will put a bullet in his knee - later mocking his age by adding "the one that works."
"No Time to Die", which is believed to be Craig's last outing as 007, will hit cinemas in April 2020.