Sponsored by swimwear giant Speedo, the highlight of the tour will be a waterfront open-air festival at the Piazza dell'Unita' d'Italia in Trieste, northern Italy, on 14 July.
The key event in Trieste will be organised by Italia MTV's production team and will be aired in a special broadcast on the network. A 'Pimp My Festival Ride' double-decker bus will travel around Europe picking up selected passengers on the way to the event.
Richard Godfrey, senior vice president of MTV Productions Europe, said: "Isle of MTV has become something of a summer music phenomenon and since its inception three years ago it has been bringing the best DJ and live talent to Europe's youth in some of the most stunning locations."
The tour, which will include performances by artists and DJs such as Soulwax, LCD Soundsystem and Roots Manuva, will also visit the UK, Norway, France and Germany.
MTV Networks Europe held its annual Cannes Film Festival party last month.
The event, organised in association with Sony Pictures Releasing International, took place at Le Palais Oriental villa on the Cote d'Azur and celebrated the release of martial arts film Kung Fu Hustle.