Kevin Lee (22), originally from Auckland, was studying pharmacy at the University of Otago.
His body was one of two retrieved from the river last weekend.
In a statement the university said it was "saddened by the tragic passing" of Mr Lee.
The service will be held at Dunedin’s Holy Name Church, at 3pm on Monday.
It comes as Mr Lee’s family launched a Givealittle page to help pay for the costs of returning his body to Auckland.
The name of the second person whose body was recovered from the Makarora River has not been released.
Sixteen search and rescue personnel, including two dog teams, continued scouring Mount Aspiring National Park yesterday for missing British tramper Stephanie Simpson (32).
Ms Simpson, who lives in Wanaka, disappeared over the weekend, after telling friends she planned to head to Brewster Hut and then move on to Blue Pools.
Efforts yesterday were focused around the Pyke and Fantail Creek areas.
A thermal-imaging equipped drone was also used in the search area on Wednesday night.