The couple will sell furniture, art and other items from their California and UK homes - including items regularly seen in their MTV show The Osbournes.
"It's time to unload," said X Factor judge Sharon, adding the couple have an "overabundance" of personal goods.
A proportion of the funds from the 30 November sale will be donated to her foundation for colon cancer.
Shabby chic
The items come from the family's Gothic-style home in Beverly Hills, their home in Malibu and Buckinghamshire mansion.
Among the lots will be a cast iron crucifix that adorned Ozzy's den in several episodes of their show - which ran from 2002-5 - and son Jack's leather bedroom furniture.
| | Ozzy gets very attached to things. He doesn't like change at all Sharon Osbourne |
Sharon told the Associated Press that the couple had moved to a new home and changed their style since their three children - including Kelly and Jack - had moved out.
She said it has been "one of the most refreshing things we've ever done".
But rock star Ozzy, who is due to perform a benefit concert in Los Angeles on the night of the sale, said: "I don't know why we are selling everything as I want it all."
"Ozzy gets very attached to things. He doesn't like change at all," added Sharon.
The auction, which will continue on 1 December, will be held at the Gibson Guitar Showrooms in Beverly Hills.
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