The items, including papers, books and other personal items, were purchased in June by a group of business and civic leaders, including Atlanta Mayor Shirley Franklin, for $32 million and donated to Morehouse, King's alma mater, The New York Times reported Tuesday.
The exhibit will be opened to the public on Jan. 15, which would have marked King's 78th birthday.
"Every time you open a folder or look at a document, you'll see someone's name that you've read in history," said Karen Jefferson, head of archives and special collections at the Robert W. Woodruff Library of the Atlanta University Center.
The papers include drafts of King's famous "I Have a Dream" speech as well as his "Letter from Birmingham Jail." The collection also includes canceled checks, college transcripts and a tan briefcase containing King's Magic Shave lotion, Faberge cologne and Alka-Seltzer.