Fallon announced Britain would take delivery of a new Airseeker plane next month, which would "shortly after" be deployed to carry out reconnaissance of suspected Islamic State (IS) group targets.
"Today, with more warnings of threats to our citizens in Tunisia following the horrific events of two weeks ago, we're fighting a new Battle of Britain," he said during a speech in central London.
"Once again, against a fascist enemy, an enemy prepared to kill its enemies and civilians alike, it is the RAF spearheading our counter attack".
Eight British RAF Tornados based in Cyprus are carrying out air strikes over Iraq as part of US-led operations and Britain currently also has one Rivet Joint and two Sentinel spy planes flying missions in the region.
Days after 30 Britons were among 38 tourists killed by a jihadist on a beach in the Tunisian resort of Sousse last month, Fallon hinted that Britain's parliament could be asked to vote again on joining air strikes on targets in Syria.
Lawmakers voted to join strikes on IS targets in Iraq last year but the government led by Prime Minister David Cameron did not seek support for taking similar action in Syria due to opposition from the main opposition Labour party.
Cameron favours exploring a second vote to gain support for air strikes in Syria later this year after Labour has elected a new leader in September who could give him the support he would need to get the move through parliament.
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