E! News confirmed Tuesday the 28-year-old actress will produce and star in a live-action film from Warner Bros. and Mattel.
"This project is a great start to our partnership with [Ynon Kreiz] and Mattel Films," Warner Bros. Pictures Group chairman Toby Emmerich said.
"And Margot is the ideal producer and actress to bring Barbie to life on screen in a fresh and relevant way for today's audiences."
Variety said Robbie will produce the film under her LuckyChap Entertainment banner with Tom Ackerley and Josey McNamara.
"Playing with Barbie promotes confidence, curiosity and communication throughout a child's journey to self-discovery," Robbie said.
"Over the brand's almost 60 years, Barbie has empowered kids to imagine themselves in aspiration roles from a princess to president."
"I'm so honored to take on this role and produce a film that I believe will have a tremendously positive impact on children and audiences worldwide," she added.
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"I can't imagine better partners than Warner Bros. and Mattel to bring this film to the big screen."
Robbie replaces actress and comedian Amy Schumer, who dropped out of the project in March 2017 while the film was at Sony Pictures.
Robbie signed a first-look deal with Warner Bros. in 2016.
"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," Mattel CEO Ynon Kreiz said.
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