Mattel and Warner Bros Pictures announced on Tuesday that Robbie will star as the iconic doll in the franchise's first-ever live-action film.
The 28-year-old, Tonya actress will also co-produce the film under her Lucky Chap Entertainment banner. The Barbie film is the first announced deal to come out of the toymaker's newly-established Mattel Films. The Barbie doll debuted at a New York toy fair in 1959.
The star of Suicide Squad, I, Tonya and Mary Queen of Scots will also produce the movie through her production company, Lucky Chap Entertainment.
In a statement, Robbie said playing with the doll promoted "confidence, curiosity, and communication".
"I'm so honoured to take on this role that I believe will have a tremendously positive impact on children," the Australian actress continued.
Barbie movie delayed until 2020 and Schumer pulls out of Barbie movie.
The Oscar-nominated actress has also starred in Mary Queen of Scots and Suicide Squad. The film's title and release date have not been revealed.
Robbie, 28, said she could not have imagined "better partners" than Warner Bros and Barbie creator Mattel.
The film, which has yet to have a title, a director or a release date, marks the first collaboration between the two US companies.
"Margot is the ideal producer and actress to bring Barbie to life on screen in a fresh and relevant way for today's audiences," said Toby Emmerich of Warner Bros.
Comedian Amy Schumer had previously been cast to play the doll, only to drop out of the project in 2017. Amy Schumer and Anne Hathaway were previously linked to the project
"I'm bummed, but look forward to seeing Barbie on the big screen," the star of Trainwreck said at the time. It was rumoured last January that Anne Hathaway was in talks to take over the role.
In October, it was reported that the film, previously a Sony production, would use a "revised" script by Ocean's 8 writers Olivia Milch.
The character went on to appear in a string of TV shows and animated films, among them the Toy Story movies.
