The Atlanta-based private school says about 500 students will receive undergraduate degrees Sunday, becoming what are known as "Morehouse Men."
It is Obama's second graduation speech of the year. Last Sunday, he urged graduates of Ohio State University in Columbus to become vigorous participants in their democracy.
After the speech, Obama is scheduled to attend a Democratic Senate fundraiser in Atlanta.
Obama's third and final commencement address of the season comes Friday at the U.S. Naval Academy in Annapolis, Md.