The fifth global youth networking event will be held in October 2014. The cities were confirmed as contenders after an initial bid process, however others may submit before a final shortlist on 5 April. The winner will be unveiled on 6 May.
One Young World brings together youth leaders, aged 18-30, from around the world to debate global problems.
They are joined by global figures, which last year included former US president Bill Clinton, former UN secretary general Kofi Annan, Jack Dorsey, founder of Twitter and CEO of Square, and musician and activist Sir Bob Geldof.
Kate Robertson, co-founder of One Young World, said: "What we are looking for in the final bidding stage is a city that is both culturally vibrant and youthful in spirit. One Young World needs a host city that embraces the scope and scale of our ambitions to enact change through the leadership of outstanding young people."
Edinburgh International Conference Centre chief executive Hans R Rissman said that 2014 could not be a better year for One Young World to select the city, as the Commonwealth Games and Ryder Cup both take place in Scotland.
In 2012, 1,300 youth ambassadors from 190 countries attended the summit in Pittsburgh. This year the event is being held in Johannesburg.
The charity was co-founded by Havas Global CEO David Jones, and Havas Worldwide UK group chairman Kate Robertson in 2010.
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