A plane carrying car workers from Ronaldsway to visit a factory in Greater Manchester crashed into Winter Hill in Lancashire in fog.
Just seven people on board survived the accident on 27 February 1958.
A service will take place at 11:00 GMT at the Winter Hill Memorial in Cooil-y-Ree Park, St John's.
It is being organised by Douglas Rotary Club.
The chairman of the club's service committee, Howard Callow, said Manx people were still affected by the accident.
"Most of them were youngish men in their 20s and 30s with families, I think 27 children lost their fathers that day, 33 widows were made that day," he said.
"It had a tremendous impact, there was hardly a family on the island that wasn't affected on that day.
"It has a unique place in Manx memory."
A memorial service has been held to commemorate the 35 Isle of Man residents who died in the Winter Hill air disaster.