The debate was triggered by an e-petition which gathered the support of more than 139,000 people.
Families of the victims have long called for the release of 40,000 documents relating to events at the FA Cup semi-final match and its aftermath.
The government has said it is committed to "full public disclosure".
Ninety-five supporters died on 15 April 1989 when a crush developed in the caged pens at the Leppings Lane end of the stadium, which is home to Sheffield Wednesday.
The 96th victim was in a coma for three years following the match against Nottingham Forest, and died in 1992.
In the immediate aftermath blame was attributed to various groups, most notably the fans themselves, however an inquiry under Lord Justice Taylor focussed attention on the design of football grounds and the actions of the police.
'Maximum disclosure'
The Hillsborough Family Support Group is particularly keen for details of briefings and communications involving the then Prime Minister, Margaret Thatcher, and South Yorkshire Police to be made public.
But previous attempts to have documents released have failed.
In 2009, the then Labour government set up the Hillsborough Independent Panel to oversee the "maximum public disclosure" of government and other agency documentation.
It is not due to complete its work until 2012.
Deputy Prime Minister and Sheffield MP Nick Clegg said he believed the Hillsborough Independent Panel should release documents to the victims' families first, ahead of public disclosure.
He told Pienaar's Politics on BBC Radio 5 Live: "All the Hillsborough papers will be made available by the government to the independent panel and the panel is completely free to release those papers as they want, when they want, to the public.
"I think it's really important we let the panel show the information to the families first so the stuff doesn't come out in kind of dribs and drabs, which I don't think the families on the whole would welcome.
"In terms of the actual events leading up to what happened, debates and discussion within government, that has all got to be got out there by way of the panel."
However, the e-petition calls for full disclosure without any pre-filtering.
Monday evening's debate has been welcomed by Liverpool manager Kenny Dalglish, who was in his first spell in charge of the club when the disaster happened.
Earlier this year he said: "It is fantastic news for the families. I think this isn't a political issue - it is a humanitarian one, so at least common sense has prevailed."
The government introduced its e-petitions website to allow people to suggest subjects for parliamentary debate.
Campaigners who gather more than 100,000 petition signatures could have their ideas discussed in the Commons, however there is no guarantee owing to limited time slots.
The Hillsborough debate is scheduled to begin a 19:00 BST.