The meeting recognized the importance of religion to world peace and faith leaders’ commitment to peacekeeping, poverty relief, and environmental conservation.

The Summit was envisioned to facilitate interfaith dialogue[1]: 95–6 [2][3]: 104–5  similar to the Inter-Religious Conference on Peace in New Delhi in 1968 and the Centennial Parliament of the World's Religions in Chicago in 1993.

[1]: 95–6 [4]: 79  All of this, together with UN Secretary General Kofi Annan's commitment to religion's role in contributing to global peace,[4]: 79  inspired the organization of a summit at the beginning of the new millennium that would foster interfaith dialogue in hopes of social reform.

[6]: 763 [7] Secretary-General of the Peace Summit Bawa Jain, UN Under-Secretary-General Maurice Strong, and other UN staff convened 2,000 delegates, including 800–1,000 religious leaders representing Buddhism, Christianity, Hinduism, Islam, Judaism, Jainism, Sikhism, Zoroastrianism, Native American religions, and other traditions from several continents.

[9] As a gathering of religious and spiritual leaders, it was unprecedented in terms of scale, location, and the focus on peace, protecting the environment, and the fight against poverty.

[8]: 15  Annan addressed the Summit, “Whatever your past, whatever your calling, and whatever the differences among you, your presence here at the United Nations signifies your commitment to our global mission of tolerance, development, and peace.”[11] The primatologist Jane Goodall spoke about the protection of the earth and its animals.

Dr. Konrad Raiser of the World Council of Churches said, "Dialogue within and between religions requires not just tolerance but deep respect for the other in his or her authentic relationship with the Holy.

"[14] Other speakers included Francis Cardinal Arinze of the Vatican, Dr. Abdullah bin Saleh Al Obeid of the Muslim World League, and Yisrael Meir Lau, Chief Rabbi of Israel.

[4]: 80 [15] Various meetings were held between August 30–31 at the Waldorf Astoria Hotel addressing conflict resolution and poverty elimination, including workshops run by the World Faiths Development Dialogue from which several themes emerged.

Desmond Tutu said this exclusion “totally undermines the integrity of the UN and the credibility of the summit.” After international criticism, the Dalai Lama was invited 5 weeks prior to the event to deliver the keynote address at the closing session at the Waldorf Astoria Hotel instead of the United Nations building.