It will mark the 27th time that the city has hosted the event and the first since 2009.
Montreal was the original host city of the draft from 1963-84. Locations included various downtown hotels, the Montreal league office, and eventually the Montreal Forum.
"To think that the NHL draft started in 1963 as a small gathering at a hotel ballroom in Montreal, makes it all the more exciting to announce that the 2020 edition of the draft is coming back ... in a far grander fashion," said NHL commissioner Gary Bettman.
The 2019 NHL Draft is set for Friday night at Rogers Arena in Vancouver.