Die Mannschaft face Scotland in Munich on Friday in the tournament's opening match and Nagelsmann has urged his players to embrace a "unique opportunity".
The former Hoffenheim, Leipzig and Bayern Munich boss told UEFA.com: “We will face up to the task. It is a huge task, it will be challenging, and it’s certainly not a chance that comes around very often.
“It’s only the second time Germany has hosted a European Championship. For the players, and for myself as a manager, to take part in a tournament on home soil is a unique opportunity.
“There is pressure involved, but more so joy. If we can see that joy on the pitch, then we will have a great tournament.”
Germany have been crowned European champions three times – twice as West Germany in 1972 and 1980 and also in 1996 – and reached the semi-finals when they were previously hosts in 1988.
More recent major tournaments have ended in disappointment as their failure to exit their group at the last two World Cups sandwiched a round-of-16 defeat at Euro 2020.
Nagelsmann made clear his aspirations in his first major tournament since succeeding the sacked Hansi Flick as national team boss in September last year.
“The normal ambition: we want to win it,” the 36-year-old said. “It’s the same in all other tournaments.
“It’s probably not best for us to make this big claim that we’re going to become European champions. I think it’s the same for every country that participates, otherwise they wouldn’t put in the work to qualify.
“We also have the idea of winning it. If we give it our all, it can happen. Lots of things have to come together, as is the case for all teams. It’s not a sure thing for any team.
“There is already the expectation that we will do better than we have in recent years, and our fans are excited to have the tournament on home soil.”
Germany also face Hungary (June 19) and Switzerland (June 23) in Group A, but Nagelsmann said all eyes will be on Friday’s opener against Steve Clarke’s Scotland.
“Now we’re all getting kind of nervous, a little bit,” he added. “I think it’s normal, but it’s good as well, because if you’re kind of nervous, you’ll be focused, on the first game especially.
