The "Suicide Squad" actress is also set to co-produce the live action movie under her LuckyChap Entertainment banner, alongside Tom Ackerley and Josey McNamara from LuckyChap Entertainment, reports aceshowbiz.com.
"This project is a great start to our partnership with Ynon and Mattel Films... 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," Toby Emmerich, chairman of Warner Bros. Pictures Group, said in a statement.
Robbie added: "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."
"Barbie" was originally being developed at Sony, with Amy Schumer being tapped to star. The "Trainwreck" actress dropped out of the project in 2016 due to a scheduling conflict. Anne Hathaway was later rumoured to take the lead role, but it was never confirmed.
The story reportedly follows a character who gets kicked out of the perfect Barbieland because she doesn't quite fit the mould. After she's exiled, she sets out on a journey to the real world and eventually discovers that being unique is an asset.
The movie is likely to release in 2020.
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