Hi. Depending on what it refers to, you can either say I will work on it or I will work it out . Work is an intransitive verb ,so it cannot get direct object therefore, I will work it would be a wrong phrase.
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hrsaneiWork on sb means what you said, but you can also work on sth.Thank you, Hrsanei. Thanks for letting me know another meaning of Work on.
I am going to work on my car(repair it)
I have to work on my thesis in summer(study to make progress and produce results)