The channel has signed a deal with the Miss World Organisation to broadcast live coverage from the final of the beauty tournament, which will be held in Sanya in China on December 1.
This is the second year running that Challenge will air the two-hour grand finale.
The programme will be produced by Zeal Entertainment, whose credits include the 'European Poker Tour' and the Miss World spin-off for men, 'Mr World'.
Miss World is one of the largest live events in the television calendar, with around 2bn viewers tuning in across 200 countries.
It has not been broadcast on terrestrial television in the UK since 2004 -- when ITV held the rights.
Last year's event, which was held in Warsaw, Poland, was judged by Denise van Outen, Olympic gold medallist Kelly Holmes and X-Factor judge Louis Walsh, among others.
The judges and musical entertainment for this year's ceremony have yet to be confirmed.
Celia Taylor, the director of programmes at Challenge, said: "Miss World is a total joy. It's a fantastic enduring brand that adds real glitz and glamour to our winter schedule and is an indulgent treat for everyone."
Confirmed sponsors for this year's tournament include the Holiday Inn and the Crowne Plaza hotel chain.