In a post to his Twitter account, Bezos said one part of the fund will give money to organizations and groups that provide shelter and food to young homeless families.
The fund will also launch a network of "full scholarship" preschools based in underserved communities.
Washington Post owner and Amazon founder Jeff Bezos - no stranger to attacks on his companies and himself from President Trump - said that the president should welcome media scrutiny instead of bashing journalists. Most important among those will be genuine, intense customer obsession. Since March 2016, Amazon customers have also been able to order items from the Mary's Place's wishlist on the site, such as diapers and socks.
Despite his "world's wealthiest man" title, Bezos isn't known for his philanthropy in the same way as Bill Gates and Mark Zuckerberg, often preferring to focus on long-term initiatives.
Bezos and his wife MacKenzie Bezos sit on the board of the Bezos Family Foundation, run by his parents.
Bezos hinted earlier this year that he would take on a major philanthropic project after asking his Twitter followers for ideas on how to give away his money. "The media is going to be fine", Bezos said, according to AFP, before paraphrasing Post editor Marty Baron: "The administration may be at war with us, but we are not at war with the administration".
Jeff Bezos, Chairman and CEO of Amazon, speaks at the George W. Bush Presidential Center's Forum on Leadership in Dallas, Texas, U.S., April 20, 2018. Some activists and politicians have partly blamed the city's problems on Amazon. "We will build an organization to directly operate these schools", he added.
While the online retail giant's presence made Seattle the fastest-growing big city in the United States, it also has taken a toll on its residents, driving up rent prices, clogging traffic and overwhelming public transportation. It previously helped the nonprofit temporarily house 200 homeless people.
Mr Bezos has yet to join "The Giving Pledge" created by fellow billionaires Bill and Melinda Gates and Warren Buffett, whose more than 180 signatories have promised to donate over half of their fortunes to philanthropy.