The announcement came during the Duke/NC State men's basketball game in Cameron Indoor Stadium.
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Jeong graduated from Duke in 1990 and attended medical school at UNC. He went on to work as a physician for years before landing a role on "The Office."
Since then, Jeong has been in dozens of shows and films such as "Community" and "The Hangover."
"I am thrilled that Ken will be returning to Duke as our commencement speaker," President Price said. "If all the world's a stage, there are few Dukies who have successfully played so many roles - he is an actor and an advocate, a doctor and a devoted Blue Devil, Mr. Chow and Dr. Ken. I know that he will inspire our students to pursue careers of similar passion and purpose, and maybe give us a few laughs along the way."
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Jeong will receive an honorary degree from Duke during the ceremony.
"College is about self-discovery, and if I hadn't attended Duke, I never would have been an actor, comedian, and Instagram model," said Jeong. "I am honored and thrilled to be coming home and sharing my love with my Blue Devil family."
Commencement will take place in Wallace Wade Stadium and is open to the public.