The show, now in its twelfth year, recognizes influential artists from various entertainment genres and features award presentations and performances.
Nominees include Enrique Iglesias and Luis Coronel, J Balvin, Nicky Jam, Jennifer Lopez, Lionel Messi, Maite Perroni, Prince Royce, Romeo Santos, Sofia Vergara and David Zepeda.
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Stars William Levy and Ninel Conde will host the event, while presenters include Cristin de la Fuente, Paulina Goto and Marjorie de Sousa, among others, according to a news release issued by the network.
Several key musical acts are also slated to perform, including Ricky Martin, Fifth Harmony, Becky G and Pitbull.
Additionally, the night will feature a heartfelt homage to Hispanic TV veteran Mario Kreutzberger, better-known as Don Francisco, the legendary host wrapping up 53 years of "Sbado Gigante" (Giant Saturday), the release stated.
Premios Juventud 2015 airs live on Univision at 7 p.m. and is also being streamed live.