A rampaging Mitchell Starc took 7-58 to put England on the back foot after Stokes won the toss on a fine day at a packed Perth Stadium and chose to bat.
Harry Brook (52) and Ollie Pope (46) offered the only resistance as they crumbled after lunch.
But England's elite fast bowlers, led by an exceptional Stokes with 5-23, fought back to reduce the hosts to 123-9 at stumps, trailing by 49.
Nathan Lyon was on three with Brendan Doggett yet to score.
"What a day," England bowler Brydon Carse, who took two wickets including Steve Smith, told broadcasters.
"I think everyone who's come today has got their time's worth - 19 wickets.
"Fantastic last session from everyone to put us in a strong position heading into tomorrow."
In a brutal introduction to Test cricket, Australia opener Jake Weatherald went for a second-ball duck, left on the floor by a Jofra Archer bullet and given out lbw.
Marnus Labuschagne fended off 41 balls for nine before he too succumbed to the sheer speed of Archer, bowled by a fuller delivery.
And when Smith fell for 17 to Carse in the next over, caught by Brook at slip, it was game on.
Usman Khawaja, who was feeling stiff and did not open, came in at four but lasted just six balls, blown away by a Carse bouncer that took a nick to wicketkeeper Jamie Smith, leaving Australia reeling at 31-4.
Cameron Green (24), Travis Head (21), Alex Carey (26) and Starc (12) all got starts, but in a reflection of the depth of England's pace stocks, Stokes removed them when he brought himself on.
Starc does the damage for Aussies
Starc bagged three wickets in an intimidating opening spell, including Joe Root for a duck, before returning to send Stokes packing in his first over after the lunch break, then mopping up.
All five previous Tests at the Perth venue have been won by the side batting first, but England did their best to challenge that, getting off to a horror start.
Veteran strike weapon Starc delivered as he has so many times before, enticing a thick edge from Zak Crawley on his sixth ball that Khawaja did well to collect low at slip, the opener gone for nought.
Starc has now taken a wicket in the first over of an innings 24 times.
At the other end, Ben Duckett settled his nerves with a textbook drive off Scott Boland to bank the first four of the series.
But just as he was getting going, Starc pounced again, trapping him lbw for 21 to leave England tottering on 33-2.
That brought Root to the crease in his latest campaign for an elusive first century in Australia.
He only lasted seven balls, edging a seaming delivery into the safe hands of Labuschagne at third slip.
Pope survived the furnace and was composed before Green came on, and he was out lbw, leaving the visitors on 105-4 at lunch.
Brook hit Scott Boland for a six in the first over after the break before Starc again worked his magic, taking out Stokes's stumps with an inswinger when the captain was on six.
A fearless Brook raced to his 14th Test half-century before feathering a short ball to Carey, earning Doggett his maiden Test wicket on debut.
Starc then removed Gus Atkinson cheaply to give him the 17th five-wicket haul of his career, and with Doggett, they ruthlessly cleaned up the tail.