The prince will change from working in his study at home, to taking over his father King Juan Carlos' office at the Zarzuela Palace in Madrid, from where he will reign.
HELLO! Online takes a look inside the home of the future king and queen of Spain.
Prince Felipe and Princess Letizia's family home, which they have lived in since their May 2004 wedding, is pictured from the outside. Accessed by circling a front lawn and pond, the residence was built in 2002 in the grounds of the 17th-century Zarzuela Palace.
Once inside, guests are welcomed into the foyer which leads off into the living room, where official functions take place, and a staircase up to the rest of the house — which include a main bedroom, two bathrooms and a living room with a chimney place, plus three bedrooms for the young princesses, two bathrooms, another living room, an office for members of the prince's cabinet and a grand terrace.
Smiling, happy and relaxed... the royal family are usually pictured this way. Prince Felipe tenderly kisses his eldest daughter Leonor, eight, while Princess Letizia cuddles up to seven-year-old Sofía.
In summer, the family often make the most of their immaculately kept garden, with Leonor and Sofía taking to the wooden swings. In the winter, the royals send more time in their loft, which they have converted into a living area.
Taken at an official photo call for Princess Letizia's 40th birthday, the family are pictured relaxing in their garden. Leonor, who will soon become Europe's youngest royal heiress, plays with her doting dad, while her younger sister Sofía peacefully sleeps next to her mum.
Many work-related decisions have been made by Prince Felipe in the period library, which features a portrait of Queen Sofia. When Princess Letizia moved in, she didn't make any changes apart from adding a few books to the collection.
The Spanish Renaissance house - which has been decorated with Portuguese furniture that belonged to Felipe's grandfather the Count of Barcelona - features full-length, wooden-panelled windows that look out onto the terrace.
Prince Felipe's office wouldn't be complete without his country's flag standing proudly on display. The future king has added his own personal touches to the room, with a painting by Spanish artist Canogar hanging on the wall behind his large, wooden desk and leather chair.
It was business as usual for Prince Felipe and Princess Letizia on the day of their their tenth wedding anniversary on 22 May 2014. The royal couple were seen emerging from their house to take their beautiful daughters to school.