Countries are now preparing to tackle the disease by rolling out the vaccine with hopes of finally ending the pandemic.
Keren Goldshlager, of integrity partnerships at Facebook, said: "Working together to tackle misinformation is really important, especially bad content around the Covid-19 pandemic right now".
It is unclear how the initiative will improve the fight against fake news.
Fact Checking Charity Full Fact will coordinate the process with support from Facebook, YouTube, Twitter, Department for Digital, Culture, Media and Sport UK, Reuters, Africa Check, Canada's Privacy Council Office and five other fact checking global organizations.
With funding from Facebook, an initial framework will launch in January, setting out new standards for tackling misinformation, as well as a set of aims on the best way to respond to such information.
The coronavirus has pretty much changed the world as we know it, bringing it to a point where nothing is how it used to be, but now that many companies are saying that they have a vaccine that could be ready in a very short period of time, chances are that the worst could soon be behind us. They will have seen stories ranging from suggestions that the vaccines have serious side-effects or haven't been properly tested to allegations that they are part of a plot involving Bill Gates to implant microchips in people and track them.
But the campaign group the Centre for Countering Digital Hate says 95% of such material on social media is not removed and reaches a vast audience. Meanwhile, politicians are getting impatient - in the United Kingdom the Labour Party has called for emergency legislation to stamp out anti-vaccine misinformation.
Full Fact said that it was imperative that there was a good supply of reliable information. "The coronavirus pandemic and the wave of false claims that followed demonstrated the need for a collective approach to this problem".
"We welcome this effort to convene more tech companies, fact-checkers, researchers and governments to discuss and develop new strategies, so that we can work together even more effectively in the future".