A special episode airing on the big day will see presenters Mwaksy, Joel and Abby attempt to break the Guinness World Record for the most shaving cream pies thrown in different faces in one minute.
Later on, they will go behind-the-scenes of the Red Nose Day fundraiser, gaining insight into how the ambitious night of television comes together.
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They will also showcase hundreds of Red Nose designs dreamt up by viewers via the CBBC Creative Lab game, while Fleur East will treat everyone to a performance of her latest single: Count the Ways.
Co-host Mwaksy Mudenda explained: “We are well and truly getting in the Red Nose Day spirit this year and I’m so excited to be part of our biggest Red Nose Day special ever.
"I’m most excited for the shaving cream pie in the face challenge, hopefully I won’t be on the receiving end of them and seeing all the fantastic things our viewers are up to around the country. It’s going to be an absolute blast!”
Ellen Evans, Blue Peter editor, added: “Blue Peter has a history of empowering young audiences to make a difference and help others through our famous appeals.
"From dressing up, to baking cakes, every year children across the UK join forces with Blue Peter to support Red Nose Day and this year’s special Red Peter promises to be a show not to be missed!
"We’ll be joined by stars from Jamie Johnson, The Dumping Ground and Danny & Mick, so I can’t wait to see how many get pied to help us attempt to set a new Official Guinness World Record!”
Of course, while there's always plenty of fun to be had on Red Nose Day, it's important to remember the charitable mission of the event, so Blue Peter co-presenter Joel will be learning more about one of the many causes that benefits.
The show will also be participating in the BBC's Telly Treasures Giveaway – offering the chance for viewers to win a piece of TV magic – with the prize up for grabs being the collar of Blue Peter dog, Henry.
Samir Patel, CEO of Comic Relief, said: “As a staple in our household, it’s hard to say for sure who is the more excited about such a fun collaboration – me or the kids. For 65 years Blue Peter has been a constant on our TV screens, inspiring, entertaining, and educating generation after generation.
"We’re extremely humbled to be given the chance to join forces in such a unique way. From world record attempts to sky diving challenges, live performances and Red Nose Day fun in the CBBC Creative Lab, it feels like the perfect way to help kick start our evening of entertainment on Friday 17th March."
Red Peter will revert back to its original name after Red Nose Day.