Boris Johnson will host the G7 summit at the Cornish seaside resort of Carbis Bay in England, where he will urge world leaders to unite in "building back better" from Covid-19.
"Coronavirus is doubtless the most destructive force we have seen for generations, and the greatest test of the modern world order we have experienced," Britain's Prime Minister said.
"It is only right that we approach the challenge of building back better by uniting with a spirit of openness to create a better future."
Incoming US President Joe Biden is expected to attend the three-day international event, which starts on June 11, as well as the other G7 leaders from Canada, France, Germany, Italy, Japan and the EU.
"As the most prominent grouping of democratic countries, the G7 has long been the catalyst for decisive international action to tackle the greatest challenges we face," Johnson said.
"From cancelling developing world debt to our universal condemnation of Russia's annexation of Crimea, the world has looked to the G7 to apply our shared values and diplomatic might to create a more open and prosperous planet."
Mr Johnson has invited Australia's Prime Minister Scott Morrison and leaders from India and South Korea as guests, as he seeks to promote a green recovery from the crisis.
It will be the 46th meeting of the G7 leaders and the first time world leaders will come together since the pandemic.
The 2020 event, set to take place in the United States, was cancelled due to the Covid-19 pandemic.