The launch follows months of negotiation between Ceop and Facebook, which initially resisted the idea.
There were 1, 145 reports to Ceop in 2012 relating to incidents of online grooming.
BBC: Ceop warns over 'alarming new trend' in online sex abuse
Ceop said that once initial contact is made, it "often rapidly escalates into threats and intimidation".
BBC: Ceop warns over 'alarming new trend' in online sex abuse
There was no evidence of an offline meeting with victims ever being a motivation, Ceop said.
BBC: Ceop warns over 'alarming new trend' in online sex abuse
Ceop's chief executive said parents and carers had a duty to ensure their children remained safe online.
BBC: Ceop warns over 'alarming new trend' in online sex abuse
The agreement to launch a child safety application is the culmination of months of negotiation between Ceop and Facebook.
Ceop launched a media appeal in December 2011, encouraging UK victims to come forward, in order to identify them.
Ceop said the pair pretended to be someone the children already knew on social networking and instant messaging applications.
BBC: Ceop warns over 'alarming new trend' in online sex abuse
The pair were jailed for blackmail offences last December following a Ceop-led investigation.
BBC: Ceop warns over 'alarming new trend' in online sex abuse
Disney plans to link up with child safety experts including Ceop (Child exploitation and online protection) and charities such as Childnet.
Peter Davies, chief executive of CEOP, said the organisation's own budget would need to be reduced by 10% over four years.
BBC: Police Federation's fears over cuts to online safety work
Forty-four police chiefs in England, Wales and Scotland, signed a letter backing Ceop's call for a panic button on every Facebook page.
The button, aimed at children and teenagers, will report abuse to the UK Child Exploitation and Online Protection Centre (Ceop) and Facebook.
The Child Exploitation and Online Protection (CEOP) Centre has created the film to warn about putting video content on sites like Youtube.
BBC: Film warning to teenagers posting sexual content online
Jim Gamble, head of the Child Exploitation and Online Protection Centre (CEOP), said young people must learn how to stay safe on the web.
He said CEOP's own work told them that "one in four young people have gone on to meet someone off-line who they initially met online".
Facebook's head of communications in the UK, Sophy Silver, told BBC News that the new app would integrate reporting into both Facebook and Ceop's systems.
Ceop, the government law enforcement agency tasked with tracking down online sex offenders, called for a panic button to be installed on social networking sites last November.
However, Leicestershire Police said it did not endorse such tactics and urged people with suspicions of child abuse to contact police, Crimestoppers or the Child Exploitation and Online Protection Centre (CEOP).
Meanwhile, Ceop said in its annual report that it dealt with 18, 887 reports of abuse over the past year, an average of 1, 600 a month and an increase of 14% on the previous year.
It is a charge vigorously contested by Ceop.
BBC: Paedophile net: Did Operation Ore change British society?
Following the arrest of the abusers, Ceop worked with the Kuwaiti authorities, international police forces and child protection agencies in Australia, Canada, Cyprus, Denmark, Iceland, Ireland, Jersey, the Netherlands, New Zealand, Portugal, Sweden and the United States.
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