The 21-year-old is accused of conducting research and buying a knife and other items to help him carry out an attack, police said in a statement.
Police make new arrest after Westminster terror attack
The suspect from Birmingham, central England, was arrested in the city on March 29. He was additionally charged over allegedly having copies of the "Anarchist Cookbook 2000" and "Mujahideen Poisons handbook", which police said would be useful to a person preparing an "act of terrorism".
A 23-year-old woman was also charged, accused of sending beheading videos and propaganda by the Islamic State group to others encouraging "acts of terror".
Police said the knife plot was not linked to the terror attack on the British parliament on March 22, in which a man drove into pedestrians and stabbed a police officer before being shot.
Four people were killed and dozens injured in the attack by 52-year-old Khalid Masood, who had been living in Birmingham before the central London attack.
Westminster terror
Britain kept its threat level at 'severe' following the Westminster assault.
The Birmingham charges come a day after a man suspected of preparing "acts of terrorism" was arrested in London, as he was trying to leave Britain from a train station served by Eurostar.
The 18-year-old was apprehended by the counter-terrorism command at St Pancras International station and released on bail on Wednesday.
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