The rapper and his creative firm Donda have made the new project, and will receive its world premiere at Palm Beach, from the Cannes Film Festival on May 23.
The short film is said to be inspired by his upcoming GOOD Music LP project.
It will be a combination of an art installation and a short film, with an immersive '7 Screen Experience'.
Cruel Summer will remain open to the public for two days after its world premiere.
Tickets for the film will be available for free via the Cruel Summer website.
Kanye West kicks off the UK leg of his joint tour with Jay-Z tonight (May 18) at London's O2 Arena.
Watch the video for Kanye West's 'Lost in the World' below: