The inaugural event will take place at Alexandra Palace on September 7 with the ICC awarding prizes for the Cricketer of the Year, Test Player of the Year, One-day International Player of the Year and Emerging Player of the Year.
A voting panel of up to 50 people is being put together for the individual categories.
Other awards will be given to Test Team of the Year and One-day International Team of the Year.
There will also be a special Spirit of Cricket award for an international team chosen by captains and match referees.
Players from all 10 Test nations, plus Kenya and the United States - which is launching a new summer league - are expected to attend the ceremony as they will be in England preparing for the ICC Champions Trophy, starting on September 10.
Australian captain Ricky Ponting welcomed the idea.
"I think it's great world cricket now has an awards ceremony with genuine meaning," said Ponting.
England skipper Michael Vaughan admitted he was excited about the inaugural event which is supported by the Federation of International Cricketers' Associations (FICA).
"This is a good idea and I'm sure that it will become a fixture in the international cricket calendar," said Vaughan.
"I will certainly be giving plenty of thought as to how I cast my votes in the various categories and I think that the awards will really mean something to individual players because their efforts will have been acknowledged by their peers and colleagues," he added.
The individual awards are:
Cricketer of the Year
Test Player of the Year
One-day International Player of the Year
Emerging Player of the Year
The team awards are:
Test team of the Year
One-day International team of the Year
Spirit of Cricket award