Walsh starts on the wing as Director of Rugby Mark Hammett makes four changes to the side that stormed back to claim a draw against Connacht last Friday night.
Summer recruit Walsh is the only change to the back line while three changes in the pack include Wales international tight-head prop Jones making a first playing return to the region where he successfully played for over a decade.
Flanker Josh Turnbull is recalled in the back row while the final change sees Josh Navidi play at Number Eight.
Scrum half Lloyd Williams is named among a powerful replacements bench that includes Macauley Cook and Sam Hobbs who both scored last week in Ireland.
Boss Mark Hammett insists his Cardiff Blues will be ready for the red-hot atmosphere of derby day and must focus on their own performance to secure a second win of the league season.
“It’s a derby game so there will be good line-ups and big battles right across the field,” he said.
“The big thing is to not be too pre-occupied about the opposition. We need to get really focussed on what we are doing and what we are trying to take into the game and do right. That is our best chance of performing.”
Prop Jones, who spent over a decade at Ospreys winning four league titles, is relishing a playing return to his former region and knows the size of the task that Blues face.
“We need to raise our game from where we have been so far this season,” he said. “Ospreys lost a lot of players in the summer but their recruitment has been good and the youngsters are coming through.
“There is a strong game plan at Ospreys and it’s a tough thing to play against and they’re a hard side to beat.
“We want to go down to Swansea and get a result so it should be a huge game. We’re all excited about it and our first derby of the Guinness PRO12 season.”
Cardiff Blues: 15 Adam Thomas, 14 Alex Cuthbert, 13 Cory Allen, 12 Gavin Evans, 11 Geraint Walsh, 10 Rhys Patchell, 9 Lewis Jones; 1 Gethin Jenkins, 2 Matthew Rees (c), 3 Adam Jones, 4 Jarrad Hoeata, 5 Filo Paulo, 6 Josh Turnbull, 7 Sam Warburton, 8 Josh Navidi
Replacements: 16 Kristian Dacey, 17 Sam Hobbs, 18 Scott Andrews, 19 Macauley Cook, 20 Manoa Vosawai, 21 Lloyd Williams, 22 Gareth Davies, 23 Dan Fish