Colbert made the announcement on his show the "Late Show with Stephen Colbert" where he was joined, via FaceTime, by Jackman, from his home in Australia, reported Rolling Stone magazine.
Scheduled to take place on September 26 at the Great Lawn of New York City's Central Park, the festival will be attended by Jackman's wife, Deborra-Lee Furness, Salma Hayek Pinault, Kerry Washington and Olivia Wilde.
Pearl Jam, Beyonce, Coldplay and Ed Sheeran are slated to perform at the festival where Colbert and Jackman, along with the rest of the hosts, will encourage people to get involved with the Global Citizen movement and help end extreme poverty by 2030.
In February, Global Citizen announced that Chris Martin would produce and curate the festival through 2030.
In the past Neil Young and Crazy Horse, Foo Fighters, the Black Keys, Sting, John Legend, Jay Z, No Doubt and Tiesto have performed at the festival that began in 2012.