The White House said Obama will welcome the King to the Oval Office at 6:00pm (2300 GMT).
In the horrific new IS video, caged Jordanian pilot Maaz al-Kassasbeh, 26, is seen being burnt alive.
Kassasbeh was captured by ISlast December after his F-16 jet crashed over northern Syria while he was on a mission supporting the US-led coalition against IS.
Following the release of IS's latest propaganda video, Obama praised Kassasbeh's, "dedication, courage and service to his country," and said he represented, "universal human values that stand in opposition to the cowardice and depravity of ISIS."
"Today, we join the people of Jordan in grieving the loss of one of their own. As we grieve together, we must stand united, respectful of his sacrifice to defeat this scourge," said Obama.
Obama's administration has also pledged to give Jordan $3 billion in security aid over the next three years.
Jordan responds to Isis video
Jordanian authorities announced on Tuesday (3 February) that the female IS suicide bomber, Sajida al-Rishawi, and other IS militants will be executed at dawn on Wednesday (4 February).
Reports also emerged on Tuesday night (3 February) of angry crowds gathered outside the Jordanian pilot's house in his hometown of Karak, south of the capital Amman, following the IS video release.
Jordan's King Abdullah said on Tuesday (3 February): "We stand by the family of the hero martyr and with our people and our armed forces, in this tragedy that has touched all Jordanians.
"It is the duty of all Jordanians to stand side by side, show the metal of the Jordanian people in facing the challenges that will only make us stronger and more united."