The beauty brand will feature the actress in a six-month campaign due to launch in November, with looks created to reflect the different aspects of her life.
Max Factor's global creative design director Pat McGrath explained: "I tasked 11 of our national make-up artists to create three glamour statements for Gwyneth. These were to be inspired by her life and the different roles she has to play - model, actress, mother, singer."
Seven beauty looks were then taken from the project and will be used in the campaign.
The actress, who is also the face of Hugo Boss fragrance Boss Nuit Pour Femme, was recently named the 'World Best Dressed Woman' of 2012 by People magazine.
Paltrow was joined by Duchess of Cambridge Kate Middleton, Rihanna and Emma Stone in the top ten 'Best Dressed of 2012' list.
Next up for Paltrow is the sex addiction comedy Thanks for Sharing and the third instalment of the Iron Man franchise.
Watch Gwyneth Paltrow's Hugo Boss fragrance commercial below: