The Home Premium and Professional versions of the operating system, which is due to launch on 22 October , will be available for pre-order on 1 October.
Microsoft said the offer is open to any UK university student who has a valid university email address (ending in .ac.uk) and will apply to both the 32 and 64bit versions.
This is the cheapest price so far for the new operating system. Earlier this year, Microsoft announced it was offering PC users the chance to pre-order Windows 7 from selected online retailers for £49.99, although it also said there was a limited number of copies available for pre-order.
Those that haven't pre-ordered the OS will be charged £149 for Windows 7 Home Premium Edition, while the Professional version is priced at £219 and the Ultimate Edition will cost £229.
The Home Edition is £20 cheaper than the equivalent version of Windows Vista. The Professional and Ultimate versions cost the same as their Vista equivalents.
Microsoft said the offer "is a great opportunity for students to get their hands on the most highly anticipated Windows operating system of all time, whilst saving themselves money in the process".