The team will be headed by the Ministry of Emergency Management and include officials and experts from relevant departments, the State Council said in a statement.
The investigation aims to summarize the experience and lessons drawn from the response and propose measures that can be taken to improve disaster prevention and relief in the future, the statement said.
Those found to have breached their duties will be held responsible according to the law and regulations, it added.
As of Monday noon, a total of 292 people were confirmed dead and 47 missing in Zhengzhou due to heavy rainfall and flooding on July 20, according to the provincial government of Henan.
Since torrential rain hit Henan in mid-July, the death toll in the whole province has risen to 302, with 50 missing, and direct economic losses have reached more than 114 billion yuan ($17.6 billion).
(With input from Xinhua)