The face of the doll has been modelled on Ibtihaj Muhammad, who won a bronze medal in Rio last year.
She said the doll was a "childhood dream come true".
The company which makes the dolls has in the past been criticised for making them too thin and overly sexualised.
Now the maker Mattel says it is planning to release a range of new figures next year modelled on inspirational women.
The Barbie doll was unveiled at Glamour's Women of the Year summit.