The "Transformers" actress, 35, is working with the U.S. Army vet to help raise at least $1 million in products for the troops. Last year, they raised over $2.5 million in products.
"Being able to team-up with Colin for a second year in a row and his pledge of at least $1 million in products is an honor," Fox told Fox News in a statement.
"Memorial Day is all about honoring and remembering those who made the ultimate sacrifice for our country, and this give back is one I stand fully behind. I want to thank Colin for his service and continuing to put people over profit," she added.
Wayne, who served three tours in Iraq, Afghanistan and Egypt, said teaming up with Fox was "amazing."
"To have Megan Fox get behind this campaign for the second year is an amazing feeling because of the success from the first year, and we are hopeful to team up for several years in the future for ‘Operation Memorial Giveback’ with more celebrities that want to giveback and honor our Veterans that paid the ultimate sacrifice for our country," he told Fox News.
Wayne, 31, said the goal in 2021 is to "surpass $1 million in product donations with our Soldier Memorial and to nationally bring awareness to the true meaning behind Memorial Day."
"As a veteran, Memorial Day is the most important federal holiday in existence and unfortunately has lost its true meaning. Memorial Day is a day to honor those that paid the ultimate sacrifice for our country. It's a day to honor the family members and loved ones that are no longer here so that we can have the many freedoms that we have in America," he said.
As for what drew him to working with Fox, he's been appreciative of her commitment to veteran advocacy.
"I saw that she went to South Korea to visit the troops, and I heard that voluntarily spent hours taking photos and signing autographs for the troops stationed at that base," he recalled.
Wayne added, "This type of selfless act really resonated with me, and I respected her that much more which ultimately led to reaching out to her about our Memorial Day Giveback."