Monteith grew up in Victoria and moved to Vancouver as a teen to try his hand at acting.
In recent years he shot to TV superstardom playing singing jock Finn Hudson on "Glee."
Monteith has also made the leap to the big screen, starring in "Monte Carlo" alongside Selena Gomez.
He also appeared at last month's Toronto International Film Festival to promote the Canadian indie effort "Sisters and Brothers."
In a statement, Monteith said he is honoured to serve as grand marshal of the parade, adding that it's a thrilling excuse to come home.
The 2011 Grey Cup Festival will be hosted by the B.C. Lions and will take place Nov. 24-27. The parade is set for Nov. 26, the day before the CFL championship game.