Acting council speaker Ahmed Bahr invited MPs to take part in the session.
Bahr said council sessions had been suspended over the past seven months so that the Palestinian unity government could assume its responsibilities.
He noted that the council would reconvene in both the blockaded Gaza Strip and the occupied West Bank following an agreement to this effect with Palestinian Authority President Mahmoud Abbas.
Bahr faulted the Palestinian unity government for failing to provide the necessary funds for Gaza's health and security institutions.
He said the government had also dragged its feet on the reconstruction of the war-battered Gaza Strip, which was devastated by a 51-day Israeli offensive last summer.
Rival Palestinian factions Fatah and Hamas signed a reconciliation deal in April of last year, which opened the door for the formation of a national unity government two months later.
The deal also called for reconvening the Legislative Council within one month of the formation of the government.
The Legislative Council was suspended in 2007 after rifts emerged between Fatah and Hamas.
Hamas, which continues to control the Gaza Strip, won 76 seats in the 132-seat council in parliamentary polls held in early 2006.
The council had then reconvened in the Gaza Strip only until its activities were suspended following last year's reconciliation deal.