Juan Carlos and his son attended the official abdication ceremony on Wednesday
Spain's new king, Felipe VI, will be sworn in as the country's head of state in parliament later.
King Felipe will first receive the royal sash from his father, Juan Carlos, in a ceremony at the Zarzuela Palace near Madrid.
He acceded to the throne at the stroke of midnight after Juan Carlos formally abdicated on Wednesday.
Correspondents say the ceremonies will be kept low key, at a time when many in Spain are suffering economic hardship.
The ceremony will take the form of a proclamation rather than a coronation. It will be the first royal transition in Spain since democracy was restored.
The new king will be proclaimed after promising to uphold the constitution and giving a speech to parliament.
He and his wife Letizia will then be driven through Madrid's streets before appearing on the front balcony of the Royal Palace.
Correspondents say the new king faces a series of tough challenges if he is to restore the reputation of the monarchy.
Although Juan Carlos won plaudits for his role in restoring democracy, his image suffered when he went on the luxurious African elephant-hunting safari in the midst of a recession.
King Juan Carlos signed the bill formally to remove himself from power
His reputation suffered further damage because of tax fraud allegations made against his daughter, Cristina, who is reported not to have been invited to the succession party.
At the same time many Spaniards are demanding a referendum on whether to have a monarchy at all - a demonstration is scheduled to take place in central Madrid on the same day as the enthronement, despite a ban imposed by authorities.
The BBC's Chris Morris in Madrid says Felipe will face the dual challenge of trying to rehabilitate the monarchy and trying to unify a country in which a vocal minority favour republicanism.
The succession has been endorsed by both of Spain's main political parties.
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