During the event, which will be shown in a special extended version of 'Blue Peter' on BBC One, the Queen will recognise four "outstanding" viewers.
Current 'Blue Peter' presenters Andy Akinwolere, Helen Skelton and Joel Defries will surprise the four children by turning up at their doorsteps to invite them to take tea with the Queen.
They will be presented with a special Jubilee edition of the programme's highest award, the Gold 'Blue Peter' badge.
Along with the current presenters and the children, key production staff and a selection of the longest-serving presenters from each of the show's five decades will also attend the tea party.
Tim Levell, editor of 'Blue Peter', said: "'Blue Peter' has been at the heart of children's lives for 50 years and we are absolutely delighted that the Queen is recognising this by extending the kind invitation to us.
"Our four lucky Blue Peter viewers will have the most special day of their lives - and we hope the experience will be enjoyed by all the children watching at home."
Biddy Baxter, former longstanding 'Blue Peter' editor, said: "The Queen was awarded a Gold 'Blue Peter' badge on the occasion of her Golden Jubilee, so what could be more fitting than her Majesty marking Blue Peter's 50th birthday by presenting Gold 'Blue Peter' badges to four outstanding children."
The film of the Palace tea party will be shown on Thursday October 16 at 5.15pm on BBC One.
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