All 12 remaining acts in the ITV talent show recorded the charity single, which will be sold in aid of London's Great Ormond Street Hospital.
Viewers will see the singers perform the track for the first time during the results show on Sunday November 15, when fans will be able to pre-order it.
The single will go on sale from Monday November 16.
Jackson, who died in June, went to number one with the song in 1995.
Last year's first X Factor charity single - a cover of Mariah Carey's Hero - raised more than Â£1m for the Help For Heroes charity.
Simon Cowell said: "Following last year's record we made with the X Factor finalists in aid of Help For Heroes last year we decided we wanted to do something annually on the show to help good causes.
"This year we chose to work with Great Ormond Street to help raise funds and awareness for their incredible work. I'm very proud of the single and I really hope it raises an enormous amount of money for people who really need our help."
Fellow judge Louis Walsh, who returned to the panel last night for the first time since the death of Boyzone singer Stephen Gately, added: "Great Ormond Street Hospital does some incredible work and I implore everyone to go out and buy the single to help raise money for such a worthy cause."
Dr Jane Collins, chief executive at Great Ormond Street Hospital, said: "We really hope that the public will buy this recording so we can raise as much money as possible to allow us to continue to help sick children from across the UK get better."
Think this is great idea...sadly tho it back down to the british public to help out GOSH, like last year it was down to us with Help for Heroes......
I will add video of the preformance as soon as i have one