The meeting was originally set to take place behind closed doors, but after calls from the public, lawmakers, and MEPs it was decided to live-stream it.
The head of the media giant Mark Zuckerberg is expected to explain to politicians how the information of millions of Facebook users ended up in the hands of a political consultancy.
The meeting is taking place just days before the new strict EU rules on data protection will come into force.
Tuesday's meeting comes three days before tough new European Union rules on data protection take effect, which will oblige companies to pay fines of up to 4 percent of global turnover for leaks of personal info.
The Facebook CEO has once again apologized to EU lawmakers and said the company had not done enough to prevent misuse of the social network.
"Whether it's fake news, foreign interference in elections or developers misusing people's information, we didn't take a broad enough view of our responsibilities. That was a mistake, and I'm sorry," Zuckerberg stated in his opening remarks.
He went on expressing commitment to European values.
"Europeans make up a large and incredibly important part of our global community. Many of the values Europeans care most deeply about are values we share: from the importance of human rights and the need for a community to the love of technology, with all the potential it brings," Zuckerberg stated.
After that, the head of Facebook provided examples of how the company helped to prevent threats.
"We're working with governments and other technology companies about threats in real time. For example in Germany, before the 2017 elections, we worked directly with the German federal office for information security," Zuckerberg stated, specifying that Facebook is "using new technology including AI to remove fake accounts that are responsible for much of the false news, misinformation and bad adds that people can see".
The Facebook CEO has underlined the role of the social network in the fight against terrorism.
"We've always focused on all the good that technology and connecting people can bring. As Facebook is growing, it has helped give people everywhere around the world new tools to stay connected to the people they care about most. After the recent terrorist attacks in Berlin and Paris, London and here in Brussels, tens of thousands of people have used our safety check tool to tell the people the love that they are safe," he stated, adding that "18 million small businesses here in Europe that use Facebook today, mostly for free. Almost half of whom say that they have hired more people as a result of our tools".
On Facebook Advertising
Mark Zuckerberg went on revealing new tools the tech giant will apply, saying that they will make the advertising on Facebook "much more transparent".
"We're committed to continue to invest heavily to improve our technique to make sure we stay ahead," Zuckerberg stated, expressing the company's commitment to Europe.
"By the end of 2018, Facebook will employ 10,000 people across European countries," he said. "My priority has always been our social mission... I believe deeply in what we are doing."