The Day 1 Academies Fund will launch and operate a network of high-quality, full-scholarship, Montessori-inspired preschools in underserved communities. "The child will be the customer".
Bezos, whose stake in Amazon is worth about $160 billion United States, says that he'll call it the Bezos Day One Fund.
"Thank you so much for supporting kids like mine by advocating for childhood cancer funding!" wrote one person in the comments section.
He has also been criticized for not contributing his fortune to philanthropy like other billionaires have, including Microsoft founder Bill Gates and Berkshire Hathaway's Warren Buffett.
Bezos's wealth has allowed him to pay for side ventures, including starting space exploration company Blue Origin and buying the Washington Post newspaper. When Seattle passed a tax in May on large companies to fight the city's growing homelessness crisis, Amazon balked and even temporarily halted construction planning on a new high-rise building near its headquarters.More news: Lexus rearview mirror cameras will debut in October
A spokeswoman for Amazon did not offer further details on the new project.
Mr Bezos - reportedly worth more than $164bn - has faced criticism for not doing more philanthropic work. The Bezos Family Foundation, which is best known for its support of children's education, has been largely funded by his parents from Amazon holdings they acquired as early investors in their son's enterprise.
"We will build an organisation to directly operate these schools".
Bezos made the announcement Thursday in a tweet and a post on his Instagram account. It also comes as tech giants like Amazon face the threat of tougher regulations to protect consumer privacy and complaints from the Republican-controlled Congress and White House over alleged liberal bias influencing how their offerings are presented to consumers.
Last year, he donated $33 million to fund scholarship for "dreamers", the name given to undocumented children of immigrants who face legal obstacles in attending college or university.