The first sounds a bit off to me, but both sentences are acceptable. The first sentence is a less-clear passive sentence that could be written like this: "When is the movie released (by the production company)?" Even so, it sounds like a habitual use of "release" rather than a one-time event, so my brain doesn't like it. Saying, "When are movies usually released?" is perfectly fine because the passive voice is clear AND it's habitual. After all that, though, BOTH sentences would be understood, and I have heard many people use the first sentence in conversation. I would suggest you use, "When does it come out?" and save yourself the trouble. It sounds more natural, as well. :)

I would only say the second option "when is the moving being released." Other options would be to form the future with "going to" or "will." While it is true that the present simple is often used to refer to schedules and timetables, for example "When does the movie debut?" I would never say "when is the movie released" because the passive voice makes it seem like it's not referring to the future -- I'm not quite sure why.