Dogged over recent years by scandals and health problems, Juan Carlos is abdicating in favour of his more popular son, after a historic four-decade reign.
Felipe, 46, will be sworn in by parliament accompanied by his wife Letizia, their two daughters Leonor, eight, and Sofia, seven, and his mother Queen Sofia, a palace spokesman told AFP.
"King Juan Carlos will not attend, so as to give more prominence to the new king," the spokesman said.
Felipe's eldest sister Elena and his aunts Pilar and Margarita will attend the swearing-in at the lower house of parliament, he added.
But the king's youngest daughter Cristina was not on the list. She has been caught up in a corruption scandal centred on her husband, former Olympic handball player Inaki Urdangarin.
After being sworn in at the Congress in central Madrid, Felipe and Letizia will then be driven to the old royal palace in the west of the capital for a reception, the royal spokesman said.
The interior ministry said in a statement it had raised its terrorism alert level from grade two to three, out of four, as a "proportionate response" to the importance of the occasion.
As well as the royals, the ceremony will gather Spain's full government, deputies and senators, but no foreign dignitaries.
The speaker of the house, Jesus Posada, said the swearing-in was expected to happen around 10:30 am (0830 GMT) on June 19.
Felipe will take hold of the crown and sceptre but unlike for Juan Carlos's own swearing-in on November 22, 1975, there will be no religious ceremony.
The new monarchs will be driven by car through the avenues of central Madrid to the palace where they are expected to wave from the balcony, the royal spokesman added.
Under the heightened terrorism alert, special security units will be tasked with guarding crowded areas and key installations.
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