The party will take on the trappings of a film opening, with celebrities walking the carpet (which, in this case, is Xbox green, not red) and guests attending an invitation-only party at Milk Studios.
The Hollywood focus fits Microsoft's marketing strategy for the game system, which it describes as an entertainment hub.
"When you think about what the console is, it's much more of an all-in-one platform than just a gaming console," said Phil Spencer, vice president of Microsoft Studios. "It's great for music, for television, for movies. You want the event to showcase the talent that shows up on the Xbox."
Microsoft will admit 500 consumers who've already purchased the Xbox One - and who can collect their new Xbox One consoles at 12:01 a.m. Friday, when it officially goes on sale. In the hours before midnight, attendees can play new games and listen to musical performances by deadmau5, DJ Idris and DJ Skee.
The Los Angeles event is one of several hosted around the world, with events in New Zealand and Australia, in Leicester Square in London, which is dominated by a giant Xbox One logo, and in New York's Times Square, where 1,000 people who purchased their game systems in advance will attend a concert by Macklemore and Ryan Lewis.