The committee, which is run by the British Youth Council will consider issues such as whether social media use encourages young people to have a negative image of their body.
It will also look into whether internet and social media companies can do more to tackle online trends that can entrench poor body images among young people.
Another area being explored is potential links between young people's dissatisfaction with their body image and mental health.
"Body image has become an issue of considerable concern for young people, so it is crucial that they are given a voice on this important subject," youth select committee chair Thomas Copeland said.
"We are really looking forward to hearing what young people and professionals highlight as the key areas of potential policy improvement throughout the inquiry."
The committee, which was set up six years ago and involves 14- to 18-year-old youth leaders, including members of youth parliament and youth councillors, wants to hear from witnesses including young people who have been affected by body image issues.
Their appeal for witnesses closes on 16 June, with evidence sessions due to take place in the House of Commons on 7 and 14 July.
Other issues to be considered are the links between "sexting" and body dissatisfaction and whether there are particular groups of young people who are more prone to having a poor body image or are less likely to seek help.
Specific body image challenges facing young men and boys, minority ethnic groups and transgender young people, as well as the level of support for them, will also be covered by the inquiry.
In January, the Prince's Trust's annual Youth Index found that 45 per cent of young people felt stressed about their body image.
