Pyongyang warned the exercises, due to begin on Monday, were "reckless behaviour driving the situation into the uncontrollable phase of a nuclear war".
Thousands of troops will take part in 10 days of military simulations, designed to prepare American and South Korean forces for conflict with North Korea, amid heightened tensions in the peninsula.
Washington describes the drills as "defensive in nature" but Pyongyang has denounced them as a dress rehearsal for war.
"The Trump group's declaration of the reckless nuclear war exercises against the DPRK [Democratic People's Republic of Korea] ... is a reckless behaviour driving the situation into the uncontrollable phase of a nuclear war," said an editorial in official government newspaper Rodong Sinmun.
It declared North Korea's army could target the US mainland, Hawaii or the Pacific territory of Guam at any time, claiming America would be unable to "dodge the merciless strike".
"The US should pay heed to the statement of the DPRK government that we would not rule out the use of any final means," warned another article.
Pyongyang says it has drawn up plans to fire four missiles towards Guam but North Korean leader Kim Jong-un said last week he had delayed a decision on carrying out the strike.
Donald Trump had said the US military is "locked and loaded" should North Korea "act unwisely", having previously warned Pyongyang would face "fire and fury" if it continued to threaten America.
The escalating war of words, coupled with North Korea's rapid progress in developing nuclear weapons and missiles capable of reaching the US mainland, has fuelled a surge in tension.
The situation has added to pressure on the US and South Korea to stop the military drills. China, North Korea's main ally and trading partner, called for the suspension of the annual exercises in exchange for Pyongyang halting its nuclear programme.
The US had been conducting regular "command and control" drills in the years following the 1950-53 Korean War, but merged exercises with the South Korean military following the failed raid, in which all but two of the North Korean commandos were killed.