Five charges are being brought against the 62-year-old after a review of Met Police evidence following complaints dating between 2005 and 2013.
Three complaints relate to sexual abuse which is alleged to have taken place in London, and one in Gloucestershire.
He also faces an additional serious sexual offence charge in London.
The first two charges relate to alleged sexual assaults on a man, now in his 40s, in London in March 2005, while a second alleged victim, a man now in his 30s, is claimed to have been assaulted in London in August 2008.
The serious sexual offence charge - causing a person to engage in penetrative sexual activity without consent - also relates to the second alleged victim.
The third complainant relates to an alleged assault on a man who is now in his 30s in Gloucestershire in April 2013.
While the CPS has authorised the charges against Mr Spacey it is understood he has not been formally charged as he is not in the country.
Rosemary Ainslie, head of the CPS Special Crime Division, said that following the review of evidence the CPS had "authorised criminal charges against Kevin Spacey, 62, for four counts of sexual assault against three men".
She added: "The Crown Prosecution Service reminds all concerned that criminal proceedings against Mr Spacey are active and that he has the right to a fair trial."
The CPS said it could not confirm or deny whether or not Mr Spacey, an American, will need to be extradited to the UK.
Mr Spacey, a two-time Oscar winner, is well known for starring in films such as Seven, LA Confidential, American Beauty and Baby Driver, as well as the Netflix series House of Cards.
The actor was also the artistic director of the Old Vic between 2004 and 2015.