The program is called One Good Deed Chicago and is designed to match college students with not-for-profit organizations in need of help.
The first students will begin training for the first phase of the program this month.
"We're very proud of the volunteer effort," said Mayor Richard Daley. "Every hour a person gives to the community truly makes a difference.
One Good Deed Chicago is supported by a two-year, $200,000 grant from the Rockefeller Foundation.