The quarter-final showdown is in Brisbane tonight, while European champions England take on Colombia in Sydney.
Apart from the United States, who won the 1999 tournament and reached the semi-finals four years later on home soil, no other host nation has lifted the trophy or even made it past the quarter-finals.
The Matildas, bidding to reach the last four for the first time, beat France 1-0 in a friendly a week before the tournament began, in front of a crowd of over 50,000 in Melbourne.
France coach Herve Renard is expecting another packed and partisan crowd at the 52,500-capacity Lang Park but said the occasion would bring out the best in his team as they resume their hunt for a first major title.
"We have been one of the best teams in the world for a long time, but we have still not won anything, not a single medal," said Eugenie Le Sommer, France's all-time record scorer with 92 goals.
"We want to take something back to our country, do great things ... We have already been in the last four, but this is definitely one of the most important matches in our history."
Australia, who welcomed back captain Sam Kerr in their 2-0 win over Denmark in the last round, have embraced the extra attention, with defender Ellie Carpenter saying the nation's support was a motivation.
Matildas coach Tony Gustavsson said Kerr, who sat out three group matches with a calf injury, would start against France if she is cleared by the medical team.
In the other quarter-final, England will aim to take advantage of a wide open tournament, which will crown a new champion after the exits of all former winners and several challengers.
Colombia, having seen off higher-ranked Germany and South Korea, are plotting another upset but England goalkeeper Mary Earps said "the best is yet to come" from the Lionesses.
"I don't think we've been bad by any means," Earps said.
"But I think you've seen glimpses of what we're capable of."
- Reuters
