The new structure, designed by Steven Holl, provides studios for the School of Design and other facilities for Glasgow School of Art (GSA) as well as a gallery and a new visitor centre.
It has been named after Dame Seona Reid, the first female director of the GSA, who stepped down in 2013.
Harry Potter and Cracker star Coltrane, who studied at GSA, will be joined for the opening by current student Alejandro Moreno and Antonia Graham, a P7 pupil from local primary school Garnetbank.
The event will be marked by the world premiere of a new choral work, Making it New with music by Ken Johnston and words by Scotland's Makar, Liz Lochhead, who studied painting at the GSA alongside Coltrane.
There will also be a specially created Rube Goldberg machine featuring items such as helium filled balloons, unfurling banners and two mice.
More than 2,000 past and current students, staff and friends of the GSA are expected to attend the event which will culminate with a programme of live music and a firework display.