Ma is the founder of the world's biggest online retailer, Alibaba, but he stepped down as chief executive last week, saying he wanted to do more in education and the environment.
He is a keen devotee of t'ai chi, and has made references to Chinese martial arts in business strategy and corporate culture.
Li rose to fame for his kung fu skills and has starred in such films as the Chinese historical epic Hero and the Hollywood blockbuster The Mummy: Tomb Of The Dragon Emperor.
The school in Hangzhou will teach t'ai chi and martial arts under a "disciple of a well-known master", said a statement from Ma's company.
It is part of a larger development in a wetlands park which includes commercial services, according to the statement.
The film star and the entrepreneur already have a jointly-owned cultural company which provides t'ai chi training to business employees.
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