Margot Robbie will play Barbie in a new film about the toy.
The actress will also produce the live-action movie, a joint project between Warner Bros and Barbie manufacturer Mattel.
In a statement, Robbie said: “Playing with Barbie promotes confidence, curiosity and communication throughout a child’s journey to self-discovery.
“Over the brand’s almost 60 years, Barbie has empowered kids to imagine themselves in aspirational roles from a princess to president.
“I’m so honoured to take on this role and produce a film that I believe will have a tremendously positive impact on children and audiences worldwide.
“I can’t imagine better partners than Warner Bros and Mattel to bring this film to the big screen.”
The film will mark the first time the toy has been brought to the big screen.
Wolf Of Wall Street star Robbie, 28, will co-produce alongside her husband Tom Ackerley and Josey McNamara from her LuckyChap Entertainment production company.
Comic actress Amy Schumer was previously in line to play Barbie in the film, but pulled out of the role in 2017.
Ynon Kreiz, chairman and chief executive of Mattel, said: “Barbie is one of the most iconic franchises in the world and we are excited to partner with Warner Bros Pictures and Margot Robbie to bring her to life on the big screen.”
Toby Emmerich, chairman of Warner Bros Pictures Group said: “Margot is the ideal producer and actress to bring Barbie to life on screen in a fresh and relevant way for today’s audiences.”
A release date for the film has not been set and no director has been named.