National Association for the Advancement of Colored People (NAACP) and TV One are set to present the most diverse awards-show of the year. On Friday, the 47th NAACP Image Awards will feature some of the industry's most talented artists like Will Smith, Kerry Washington, Gabrielle Union and Oprah Winfrey.

Here's everything you need to know about NAACP Image Awards 2016 start time, schedule, preview and how to watch online.

The 47th NAACP Image Awards is set to happen on Feb. 5, at 8 p.m. CST (9-11p.m. ET). The event will be broadcasted live at TV One. The telecast offers a one-hour live pre-show at 7 p.m. CST (8-9 p.m. ET) from the star-studded red carpet. For viewers who to watch the awards night online, check this link.The live stream will be available on desktops, laptops, tablets, smartphones and latest web browsers.

Anthony Anderson will host this year's show from the Pasadena Civic Auditorium, and it will air tape-delayed on the West Coast.

One of the interesting things in the show is the announcement of the NAACP "Entertainer of the Year". This special award is given to an individual who has achieved notable success in multiple projects and mediums.

The NAACP Image Awards celebrates the achievements of people in color in various fields of art, music, television, film and literature. The award giving body also honors individuals or organizations who promote social justice through their works. The winners are determined by the NAACP members and will be announced when the envelopes are opened on the event itself.

According to the producers of the show, other scheduled attendees include Viola Davis, Ken Jeong , Taraji P. Henson, Gina Rodriguez and Gugu Mbatha-Raw.

Furthermore, one of the notable attendees of the show is Will Smith, who, along with wife Jada Pinkett Smith is the center of #OscarsSoWhite issue. The controversy started after the revelation that no actor of color were nominated in 20 acting awards of the Oscars, even though there are several actors who should have been considered as strong contenders. Those artists are Idris Elba of Beasts of No Nation and Michael B. of Creed.  Will Smith and his wife announced that they would not attend the Academy Awards ceremony at the end of the month as a form of protest.

"There's a position that we hold in this community, and if we're not part of the solution, we're part of the problem," Smith recently told "Good Morning America's" Robin Roberts. "