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.
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.
Gracias a toda mi gente x tanto cariño! No se olviden q nos vemos esta noche en @PremiosJuventud love you all!!— william levy (@willylevy29) July 16, 2015
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.