The X Factor boyband are nominated for two awards at the ceremony - 'Best Pop Video' and 'Best New Artist' for 'What Makes You Beautiful'.
> MTV Video Music Awards 2012: The nominees in full
Keys, who is gearing up for the release of the follow-up to 2009's The Element of Freedom, will likely perform a track from her fifth studio album. She recently unveiled a new song online called 'New Day'.
Both Keys and One Direction will appear as guest mentors on the upcoming season of The X Factor Australia.
Meanwhile, Rihanna and Drake lead the MTV Video Music Awards nominations, with five nods each.
The 2012 MTV Video Music Awards are due to take place on September 6 at the Staples Centre in Los Angeles. Additional performers and presenters will be announced at a later date.
Watch One Direction's video for 'What Makes You Beautiful' below: