The music label, in association with Matriarch/Geffen Records, said it released the official soundtrack online last week and will make it available in stores Nov. 23.
It was produced by film director Lee Daniels along with Blige, whose new song "I Can See in Color" will be the first single released from the album.
According to Daniels, the artists featured on the soundtrack were selected because they "resonate not only in Precious' world, but speak to your soul no matter who you are."
Set in 1987, "Precious" tells the story of Harlem teenager Claireece "Precious" Jones, who overcomes tremendous obstacles to discover her own worth, beauty and potential, Lionsgate noted. Newcomer Gabourey Sidibe plays the title character.