This will be Renzi's first visit to Russia since he became Prime Minister in February 2014. The two men last met during the Asia-Europe Meeting (ASEM) in Milan in October 2014.
Meanwhile, Renzi is meeting with Ukrainian President Pyotr Poroshenko on Wednesday in Kiev, where the two are set to discuss the implementation of the February 12 Minsk agreement on a comprehensive ceasefire in eastern Ukraine.
Earlier, Renzi took part in a video conference that brought together US President Barack Obama and the leaders of Britain, Italy, Germany and France as well as the head of the European Council, who also discussed the implementation of the Minsk agreement.
Renzi's visit to Russia comes a week after he appealed for international help over the worsening situation in Libya amid threats from Islamic State extremists, who have threatened to use the north African country as a springboard for attacks in Europe.
"During my visit to Russia, it will be important to give a message to Moscow that both Russia and the UN must play a key role in resolving the Libya gridlock," Renzi said.
He warned that Russia's possible reluctance to support a UN Security Council resolution on Libya will mean that the Islamic State will never be defeated.
During the Thursday talks, Putin and Renzi will also discuss a number of pressing global security issues and those related to Italy's cooperation with Russia, affected by the so-called sanctions war.
