The Nook Tablet will offer access to a range of entertainment content including movies, TV shows, books, magazines, comics and music, as well as email, internet and apps.
Barnes & Noble has partnered with various content providers for the tablet, including Netflix, Hulu Plus, Pandora and Marvel, along with a raft of app developers.
Users will be able to access a digital bookstore featuring more than 2.5m titles, along with a Nook Newsstand service offering more than 250 newspapers and magazines.
The Nook tablet is not being viewed as a wholly new device or a radical revamp on the already available Nook Colour product, but it is still an interesting prospect.
Weighing less than a pound, the tablet comes with a seven-inch colour screen and a "highly tuned" 1Ghz dual-core processor. It has 1GB of RAM and 16GB of internal storage.
Barnes & Noble claims that the "revolutionary" battery life will give users 11.5 hours of reading time, or nine hours of video viewing. The company has also equipped the tablet with full IPS lamination to reduce reflection and screen glare.
The Nook still uses a custom-made user interface over the Google Android 2.3 operating system, optimised for specific functions, such as entertainment, email and web browsing.
Pre-orders have already begun at the Nook website and at Barnes & Noble stores in the US, with the Nook tablet due to ship around November 17.
Priced at just $249 (£155), the Nook tablet is expected to go head to head with Amazon's Kindle Fire, the $199 (£127) tablet that will launch on November 15 with broadly similar specs.
"In Nook Tablet, we've created the best wireless media tablet in the portable seven-inch class," said William Lynch, the chief executive of Barnes & Noble.
"Nook Tablet's VividView display has been designed to be the world's finest screen for readability and viewing content. We've utilized that breakthrough display technology to bring consumers the largest digital catalogue of colour and interactive books, magazines, children's books and high-quality apps through our Nook Store.
"Additionally, we've seamlessly integrated today's top entertainment services like Netflix, Hulu Plus and Pandora in a product that's powerful, easy-to-use, under a pound, and a tremendous value at only $249."
Barnes & Noble also announced a number of enhancements to the Nook Colour, including 100 new features, such as new entertainment content and apps.