The presidium of the Supreme People's Assembly (SPA) decided the election -- held every five years -- would take place on March 9, the North's official KCNA news agency said.
It comes at a time of heightened speculation over the stability of Kim's regime and growing concern over the North's nuclear weapons programme.
The last parliamentary vote -- a highly staged process with only one approved candidate standing for each of the 687 districts -- was held in 2009 under the leadership of Kim's father, Kim Jong-Il.
He has already overseen sweeping changes within the North's ruling elite -- the most dramatic example being the execution of his powerful uncle and political mentor Jang Song-Thaek last month on charges of treason and corruption.
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In his New Year message last week, Kim said the country had been strengthened by the removal of "factionalist scum".
Since Jang's execution, the North has recalled and purged a number of diplomats and officials working overseas, according to Seoul's top official for North Korea affairs.
"It will also be interesting to see who the new faces are, as some of them may be tagged for a key role under Kim Jong-Un," said Kim Yeon-Chul, a professor at Inje University's Unification Department.
Cheong Seong-Chang of the Sejong Institute think-tank in Seoul said the election could herald a "generational change" under Kim Jong-Un.
The announcement of the vote coincided with the young leader's birthday today. His precise age is a matter of some speculation due to confusion about the year of his birth, with various reports that it was 1982, 1983 or 1984.
The official turnout in 2009 was put at 99.98 per cent of registered voters, with 100 per cent voting for the approved candidate in each seat.
The rubber-stamp parliament is usually called into session twice a year for a day or two to pass government budgets and approve personal changes.