But the decision to stage the show in Moscow has sparked a fresh debate over Russia's new law banning "homosexual propaganda", a measure that prompted the original US co-host to pull out.
The glitzy contest will be held at a concert hall on the edge of Moscow and beamed around the world's television screens to an audience of around two billion people.
The show, which starts at 10:00 pm Moscow time (1800 GMT), will begin with judges whittling down the 86 contestants to a final 16. The women will then face an interview round.
Among those widely tipped to take the crown are Miss Philippines, 24-year-old chemistry graduate Ariella Arida, and Miss Spain, 23-year-old actress and model Patricia Rodriguez.
The final will be judged by a panel including rock singer Steven Tyler of Aerosmith. Former Spice Girls singer Melanie Brown will host the event with US television presenter Thomas Roberts.
The contest, whose slogan is "confidently beautiful," was first held in 1952 in Palm Beach in the United States. It still requires the women not to be married or pregnant.
The choice of Moscow as the venue has prompted a new debate over Russia's disregard for gay rights.
The original co-host, Andy Cohen, who is gay, refused to come in protest at a controversial law banning the promotion of homosexuality to minors that President Vladimir Putin signed in the summer.
On the other hand, his replacement Roberts, who is also openly gay, has justified his attendance while condemning Russia's homophobic legislation, saying he hopes to be a positive example to the gay community.
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