The as-yet-untitled film will be co-written by the Material Girl alongside Oscar-winner Diablo Cody.
Madonna, 62, said: “I want to convey the incredible journey that life has taken me on as an artist, a musician, a dancer – a human being, trying to make her way in this world.
“The focus of this film will always be music. Music has kept me going and art has kept me alive.
“There are so many untold and inspiring stories and who better to tell it than me. It’s essential to share the roller coaster ride of my life with my voice and vision.”
No release date or casting choices have been announced.
The film, from Universal Pictures, will be produced by former Sony Pictures chief Amy Pascal, who first worked with Madonna on 1992 sports drama film A League Of Their Own.
Pascal described the upcoming biopic as “an absolute labour of love for me”.
Musical biopics have become hot properties in Hollywood in recent years, with successes including the Queen-inspired Bohemian Rhapsody and Sir Elton John’s Rocketman.
However, it is unusual for the subject of the film to also sit in the director’s chair. Madonna has previously directed two films – 2008 comedy drama Filth And Wisdom and 2011 historical romance W.E.
Her acting credits include Desperately Seeking Susan, Evita and Dick Tracy.
Known for her frequent reinventions, the Michigan-born star is considered one of the most influential pop culture figures of recent times. She has sold more than 300 million records around the world and is reportedly the highest-grossing solo touring artist of all time.