The rapper will curate and headline the Labour Day weekend event, which takes place over three stages at Fairmount Park on September 1 and 2.
Jay-Z announced the festival during a live press conference in Philadelphia today. The full line-up will be announced on May 21.
"This Labour Day, we will not only make history but we're benefiting a great organisation," Jay-Z said.
"'Budweiser Made in America' will encompass every genre of music, creating and showcasing the only genre that matters, 'great music'.
"Budweiser and Live Nation are going to produce an amazing two days of performances, and it's great to partner with United Way again to support all of the positive work they do in the community."
Rob McCarthy, vice president of Budweiser, said: "This festival will offer music fans from across the US and beyond the biggest names in hip-hop, rock, dance and other popular genres this Labour Day."
Philadelphia Mayor Michael A. Nutter added: "Philadelphia is delighted to welcome visitors from around the country for a national music festival.
"United Way has brought JAY Z and Budweiser together to host this national event in the birthplace of America. We are excited to invite the musicians, sponsors, guests and festivals goers for a memorable weekend."
Proceeds from the Live Nation event will be donated to United Ways in Philadelphia, southern New Jersey, Lancaster County, Pennsylvania and New York City.
Tickets go on general sale on May 23, though a number will be available via pre-sale a day earlier.
Jay-Z headlines the BBC Radio 1 Hackney Weekend in the UK on June 23.