BJP PM candidate Narendra Modi will take on Aam Aadmi Party (AAP) chief Arvind Kejriwal and Congress' local legislator Ajay Rai in the city next Monday.
"The people of Varanasi have got a historic opportunity of not just voting for an MP but the country's prime minister," Jaitley added.
He said the Bharatiya Janata Party (BJP) "will get a clear majority" in the 16th Lok Sabha elections.
The BJP leader attacked Modi's opponent Kejriwal, saying people have had a "bitter" experience with him in Delhi.
"They cheated the voters when they formed a government with the support of the Congress. Kejriwal was a governance disaster," he said, referring to the resignation of the AAP government within 49 days of assuming charge.
The AAP lacks a clear ideology and changes its views depending on the situation, Jaitley added.