UN diplomats said the 15-member body would meet on Saturday at 4pm local time in New York (8am AEDT Sunday).
The meeting will be chaired by Britain, which holds the monthly council presidency.
Russia's UN mission said Russia and China requested an emergency meeting "in connection with the unprovoked act of armed aggression by the United States and Israel against the Islamic Republic of Iran."
It said the meeting was also called for by France, Bahrain, and Colombia.
"During the Security Council meeting, we will demand that the United States and Israel immediately cease their illegal and escalatory actions and embark on a path toward a political and diplomatic settlement," the Russian statement said.
UN Secretary-General Antonio Guterres plans to speak at the Security Council session, a diplomat said.
Earlier on Saturday, Guterres issued a statement condemning military escalation in the Middle East.
He said that the "use of force by the United States and Israel against Iran, and the subsequent retaliation by Iran across the region, undermine international peace and security".
"I call for an immediate cessation of hostilities and de-escalation. Failing to do so risks a wider regional conflict with grave consequences for civilians and regional stability. I strongly encourage all parties to return immediately to the negotiating table," Guterres said.
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