First of all, you have to ask yourself, "Is it time?" Unfortunately, there's only one clear-cut answer to this question: It depends. It depends on what type of relationship you have -- and what type of relationship you want. If you know each other well enough and think there's a possibility that you have a future together, it might be a good idea to introduce your folks to him. It might not be a good idea to introduce them to the new guy you just met at your girlfriend's house party last week. Talk to your sweetie and make sure he's comfortable meeting the family, too.
Once you figure out the timing, you need to establish the parameters around when the introductions take place. First and foremost, make sure your folks know about him. You don't want to spring him on them if they don't even know he exists. Can you say "awkward?" The next step is to match up the three schedules: yours, your man's and your parents'. If your parents are divorced, you might need even more time to play musical chairs. For example, will each divorced parent be allowed to bring their spouse or their significant other? You don't need to host a family reunion, but it is courteous to make sure the essential players are involved. The key here is to be as flexible as possible.
Now that the "who's coming" is all worked out, it's time to make the plan. Where do you get together? There are many options that are appropriate for the first meeting, like dinner at your favorite sushi spot or brunch at the new Italian restaurant. How about an NBA or NFL game? Or appetizers and dessert at your place featuring a recipe you whipped up from one of Rachael Ray's books? If you don't want to spend a lot of time together for the first meeting, make it short and sweet. A quick "hello" at a coffee house or local bakery will do just fine. Now that the nuts and bolts have been worked out, let's talk about what to do to get ready for the event.