The two-hour telecast, which begins at 10:30 p.m. ET (live) and PT (on tape), will have MTV VJ's Damien Fahey, Vanessa Minnillo, Quddus Philippe, La La Vazquez and Susie Castillo as hosts.
Common, All-American Rejects and Young Jeezy will also perform. There will be an appearance by the Rev. Run and his family, MTV said.
"For years, New Year's Eve on MTV has always meant the best new music to our viewers," said David Sirulnick, executive vice president, MTV News and Production. "2005 is no different, with amazing performances from some of the biggest artists from the past year. We will have wall-to-wall music straight through to 2006."
MTV has been holding New Year's Eve parties since 1981. The first one was held at New York's Hotel Diplomat.