It will be the first time the song is performed live by the Golden Globe and multiple Grammy-winning band.
"Ordinary Love" was written by the group for the film "Mandela: Long Walk to Freedom" and is nominated for best original song. The other songs up for the award are "Happy" by Pharrell Williams from "Despicable Me 2," "Let It Go" by Idina Menzel from "Frozen" and Karen O's "The Moon Song" from "Her."
Along with U2, Williams is slated to perform "Happy" at the 86th Academy Awards.
U2 has won 22 Grammys and was inducted into the Rock and Roll Hall of Fame in 2005.
The 2014 Oscars will take place on March 2 at the Dolby Theatre at Hollywood & Highland Center in Los Angeles and will air live on ABC7. Ellen DeGeneres will host for the second time.