The supernatural drama, which tells the story of a young female slayer battling against vampires, demons and other dark forces, was first made for TV more than 20 years ago.
In the new small screen version, Buffy Summers, who was made famous by actress Sarah Michelle Gellar, will be portrayed by a so far unnamed black actress.
Agent Of S.H.I.E.L.D. writer Monica Owusu-Breen will write the contemporary adaptation as well as acting as an executive producer.
Original series creator Joss Whedon will also oversee production of the show.
The Hollywood Reporter, which first revealed the reboot, said the new series will be “diverse, with some aspects of the series… seen as metaphors for issues facing society today”.
The original TV series ran for seven seasons, from 1997 to 2003, inspiring 1999 spin-off show Angel.
However, the show itself was actually a reboot of sorts, based on a 1992 comedy horror film of the same name and also written by Whedon.
The film, which had moderate success at the box office, starred Luke Perry, Donald Sutherland, Hilary Swank and Kristy Swanson in the lead role of Buffy.
While some fans of the original feminist parable welcomed the reboot news, others were more sceptical.
Voice artist Justin Frac wrote: “This is the best news in all of history!!!!!!!”, following up his tweet with: “And props to the three black slayers we got on Buffy the Vampire Slayer’s original run: Nicki Wood, Kendra Young and Rona.”
However, author Lilliam Rivera had mixed feeling, tweeting: “I loved Buffy. But you know what else I love? When Hollywood looks at new stories by people of color instead of rebooting old ones and changing the casting.”
Whedon previously expressed his “fear” at the idea of a reboot or reunion when speaking to The Hollywood Reporter for the show’s 20th anniversary.
Describing reboots as a “monkey’s paw”, he admitted: “You have to meet expectations and adjust it for the climate, which is not easy.
“Luckily most of my actors still look wonderful, but I’m not worried about them being creaky. I’m more worried about me being creaky as a storyteller. You don’t want that feeling that you should have left before the encore.”
A network is not yet attached to the new Buffy series.