To make the latest release extra special, Mattel tapped globally recognized Indian fashion designer Anita Dongre to help create it.
This is the first time in India and internationally that Barbie has collaborated with a renowned Indian designer to honor a culturally significant festival such as Diwali.
When creating the doll, Dongre told "GMA" that she drew inspiration from Jaipur, the capital of India's Rajasthan state, where she's from, to design the doll.
"I was very, very excited when Mattel approached us - and this is almost like 18 months of support, and it's like an absolute first for me," Dongre said.
The Barbie Diwali doll is styled wearing a Moonlight Bloom set with a choli top, a floral Koti vest, and a lehenga skirt that's embroidered with a mix of dahlias, jasmine and Indian lotus - which are known to be symbols of strength and beauty.
Her look is complete with beautiful bangles and glowing gold earrings. She's also donning a stunning sleek, pulled-back, long wavy hairstyle that's curled at the ends.
"I think the fact that Barbie is celebrating Diwali, is so special today," said Dongre.
She continued, "I think it's amazing that I get to do a doll for Diwali, which is the festival of light, hope, love ... and I think that's the message I'd like to give to everybody."
The renowned designer, who's an advocate for female empowerment and representation, also opened up about the importance of the Barbie Diwali doll's Indian roots.
"She's this quintessentially modern Indian girl," said Dongre. "I wanted the doll to represent what India is today, because I think the world sometimes has a very different idea of what India is. And today the young Indian woman is intelligent, empowered and modern. She wears India with pride."
Dongre also spoke highly of her love for dolls as a young girl. While she mentioned Barbie wasn't in India when she was younger, she did play with dolls her mother would buy from local bazaars.
"I think playing with dolls as a young girl really instills creativity in you and it's such a beautiful part of growing up," she said. "Well, now at this stage, I can have my own Barbie that's designed by me. So that's very special. I think playing with dolls creates so much imagination."
The Barbie Diwali Doll is available now major retailers including Amazon and Walmart.