US astronaut Bill Shepherd and Russians Yuri Gidzenko and Sergei Krikalev have now lived in space for two months.
But sadly, the Russians will not be able to celebrate in traditional fashion, because planners forgot to ship the essential accessories.
"Regrettably, we did not think about the New Year in good time. We shall not have either a Christmas tree or gifts from our relatives," said cosmonaut Yuriy Gidzenko.
New Year's Eve is celebrated in Russia in much the same way as Christmas in the West, with the addition of plenty of champagne and vodka.
But the last shipment of cargo for the ISS was put together in the autumn, and did not include the New Year gifts for the crew.
Festive feast
"The cosmonauts will grace the table with the most delicious foodstuffs making up their daily rations, and will drink a bit of brandy," said the Russian news agency Itar-Tass.
"It is impossible to drink champagne under zero-gravity conditions for technical reasons."
Russian mission deputy director Viktor Blagov said the crew had agreed to respect and observe festivities of both countries.
The US space agency Nasa said the crew would probably also be given the chance to talk to their families, patched through on special radio links.
Nasa spokeswoman Kirsten Williams told the BBC that there was officially no alcohol on board with which to celebrate Christmas, at least, not as far as she was aware.
According to Peter Bond, space science advisor to the Royal Astronomical Society, UK, a heat-treated turkey dinner will be on the menu.
"On Christmas Day the astronauts will be eating re-hydrated turkey, looking down at the Earth and travelling at 27,353 kilometres per hour (17,000 miles per hour)," he said.
The International Space Station will be visible from some parts of the UK on Christmas Day, as it passes over the Earth.