Sky Q will allow viewers to watch programmes on up to five screens and record four other channels.
Recordings can be saved on to a tablet device to watch at a later date.
Jeremy Darroch, Sky's chief executive, said the service was a "new way for customers to experience TV on their terms".
"We wanted to re-imagine TV so that it's flexible and seamless across different screens and to put a huge choice of entertainment at their fingertips."
The service will be available from early 2016 but no pricing details are yet available.