This is their third film project together after the successful "Silver Linings Playbook" and "American Hustle", reported Variety.
The movie sees Lawrence take on the title role in the true-life story of Joy Mangano, who took control of her life to become an inventor, an entrepreneur and create her own business empire with the Miracle Mop.
Lawrence, 25, looks set to give another terrific performance in "Joy".
Russell has also penned the screenplay and will serve as the film's producer.
The film also stars Robert De Niro, Bradley Cooper, Edgar Ramirez, Elisabeth Rohm, and Isabella Rossellini.
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