Song titles include "Thunder on the Mountain," "Spirit on the Water," "Workingman's Blues" and "When the Deal Goes Down." Dylan plays keyboard, guitar and harmonica on the album, and sings the vocals.
In a statement Monday, Columbia Records Chairman Steve Barnett characterized "Modern Times" as the third in a trilogy that includes 1997's "Time Out of Mind" and 2001's "Love and Theft." Both albums were Grammy winners.
"Bob is that rare artist whose music defies all trends and resonates throughout all levels of our culture, and he continues to be as contemporary and relevant as any artist in music," Barnett said.
Dylan, 65, is the host of a weekly show, "Theme Time Radio Hour," on XM Satellite Radio. The show debuted last month.
"Modern Times" is his 44th album.