The review, which comes in response to the Costa Concordia disaster that has left at least 12 people dead, will examine the procedures at all 10 Carnival lines, the company said in a news release.
The company said it has had an "excellent safety record over the years."
"However, this tragedy has called into question our company's safety and emergency-response procedures and practices," Micky Arison, Carnival's chairman and chief executive officer, said in a statement.
"While I have every confidence in the safety of our vessels and the professionalism of our crews, this review will evaluate all practices and procedures to make sure that this kind of accident doesn't happen again."
The review is being led by Capt. James Hunn, a retired U.S. Navy captain and Carnival's senior vice president of Maritime Policy & Compliance. Hunn has held senior positions at Carnival nearly a decade focusing on maritime policy and overseeing health, environmental, safety and security practices.
Miami-based Carnival also said its Health, Environment, Safety & Security Committee is enlisting outside industry experts to review all emergency-response and safety procedures and to conduct a "thorough review" of the Costa Concordia accident.
Costa Cruises Chairman Pier Luigi Foschi this week said the captain deviated from frequently traveled routes.
Schettino, 57, is under house arrest, accused of manslaughter, causing a shipwreck and abandoning ship before all passengers were evacuated. Prosecutors he was sailing too close to Giglio on an unauthorized course to perform a "salute" -- a greeting to islanders.
Carnival stock closed Friday at $31.56, down 35 cents, or 1.1 percent on the day.