The Manchester music college will provide fees and living costs as well as English language training and other support, such as counselling.
It said it wanted to ensure Ukraine does not suffer the loss of a generation of musical talent.
Pianist Ivan Hovorun, alumnus of RNCM, who is from Lviv, said the scheme was "very important for global music culture".
He said it was vital that a new generation of Ukrainian music students "will have access to the unique facilities, instruments, sources of information, concert platforms and fantastic teachers".
Manus Carey, RNCM deputy principal, said: "We want to do everything we can to ensure that these young musicians who have been displaced from their training have every opportunity to flourish.
"As part of the international community of musicians it is our aim to give these talented young musicians a sense of hope."
Speaking about one of the students, Rob Buckland, head of saxophone at RNCM, said: "To be able to provide her with the support to be able to live and study in Manchester, to find the very best in herself, and feel safe and secure in the incredible learning environment that is the RNCM, will mean more to her than she can ever say."