The television movie is based on a play by Robert Harling, made famous by the 1989 film starring Julia Roberts, Sally Field, Dolly Parton and Daryl Hannah.
A contemporary remake, the drama focuses on six Louisiana women as they deal with the highs and lows of life.
This new version features an all-black cast including Latifah in the Sally Field role alongside Phylicia Rashad, Alfre Woodard, Adepero Oduye, Condola Rashad and Jill Scott.
"The caliber of talent associated with this film is astounding and falls in line with our strategy to make Lifetime a first stop for the industry's best both in front of and behind the camera," Nancy Dubuc, president and general manager of Lifetime Entertainment, said in a statement.
"Queen Latifah, Phylicia, Alfre, Jill, Adepero and Condola are some of the most celebrated women in music, film, television and stage - and we could not be more thrilled and honoured for them to bring Robert Harling's poignant story about the strength of women to a whole new generation."
Watch the trailer for Lifetime's Steel Magnolias below: