The Duke and Duchess of Sussex will co-host the episode on the theme of Engineering a Better World.
Harry and Meghan will host a "series of virtual conversations" with "extraordinary leaders" from every field, a spokesman said.
It will air online at 1pm Eastern Standard Time, which is the equivalent of 6.00pm GMT.
The digital experience will "dive into the state" of the internet and aims to bring together "experts, advocates and online creators to elevate essential world conversations".
They will be joined by Reddit co-founder Alexis Ohanian, the centre for humane technology president and co-founder Tristan Harris and UCLA centre for critical internet inquiry, Safiya Noble.
Other guests include Rappler CEO Maria Ressa, Loveland Foundation Co-Director Rachel Cargl, Stanford Internet Observatory Renee Diresta and Somewhere Good Founder NAJ Austin.
Time hailed Harry and Meghan as being "among the most influential voices in the world" and were chosen to host the event last month.
Ahead of the talk, TIME released a brand new black and white picture of the couple sitting next to each other.
In the photo, mum-of-one Meghan can be seen smiling away from the camera as Prince Harry looks down the lens.
It is estimated Meghan wore £300,000 worth of jewellery for the shoot, including a Cartier Love Bracelet, Princess Diana’s Cartier Tank watch and her flashy Trilogy engagement ring husband Harry gifted her.
Earlier this month, the pair appeared in a Time video speaking on the United States Presidential Election, urging Americans to vote.
They were accused of using their titles to "interfere" with the presidential race which sees Barack Obama's vice President, Joe Biden, run for office against Donald Trump.