The collection, which features 18 tracks, including four new songs, will be released on November 26.
The Greatest Hits will also be available in a two-disc Gift Edition, featuring an additional 13 tracks, and a Deluxe Edition, which includes seven CDs, five DVDs, a hardcover book and commemorative opera glasses in a specially embroidered velvet Il Divo bag.
"I am proud of this Greatest Hits," Carlos Marin said. "I love every song on it. It reminds me of everything we have achieved, to have been together for so many years, still selling so many records, playing so many concerts and making such great music together.
"It is just fantastic people have supported and enjoyed what we do for so long. It is the love of my life."
Urs Buhler added: "As a singer you can never take for granted what you do, every note is a balancing act. But every night I step on stage so proud of what we do.
"I have learned so much these past eight years, had so many wonderful experiences and cherished every moment. This Greatest Hits release for us and hopefully our fans marks what has been an incredible journey so far."
Il Divo have sold over 26 million albums since the release of their debut album in November 2004.
The Il Divo - The Greatest Hits Standard Edition tracklisting is as follows:
1. 'My Heart Will Go On'
2. 'I Will Always Love You'
3. 'Can't Help Falling In Love'
5. 'Unchained Melody'
6. 'Amazing Grace'
8. 'Unbreak My Heart'
11. 'All By Myself'
14. 'Without You'
16. 'Don't Cry For Me Argentina'
17. 'My Way'
18. 'Time To Say Goodbye'