The G7 summit in Germany will also involve the leaders of Nigeria, Tunisia and Iraq, who form part of an "outreach" group of non-G7 countries.
Islamic State and Boko Haram have been targeting Christians in the Middle East and west Africa.
It's thought hundreds of thousands of believers have been killed or forced to flee their homes by the militant groups in Iraq, Syria and Nigeria.
Both groups are attempting to set up a caliphate ruled by strict Islamic law which forces Christians to pay a tax, flee or face death.
US President Barack Obama, Japanese Prime Minister Shinzo Abe, UK Prime Minister David Cameron, French President Francois Hollande, Canada's PM Stephen Harper and Italian PM Matteo Renzi will join German Chancellor Angela Merkel in Bavaria, to discuss the threat they pose.
A coalition of countries is already involved in air strikes on Islamic State but the response to Boko Haram is less organised.
On Thursday evening at least 31 people died in a Christian area of Nigeria after a Boko Haram suicide bomber blew himself up at a market.
Reports suggest 38 people were injured in the attack in the city of Yola.
Also on the agenda at the G7 summit are Russia , the Greek debt crisis and the threat of infectious diseases.