The attraction already has several Spears waxworks at its museums across the world but wanted a glamorous new model to depict the pop star's return to form.
The statue, which was unveiled in London this morning, shows the 27-year-old singer in a sparkly silver dress with plunging neckline, holding one of the three MTV Video Music Awards she won in September.
The broad smile and long blond hair are a far cry from images of Spears in 2007, when she was filmed shaving her head in a salon window during a high-profile breakdown.
But the former Disney child star has rebuilt her career and her world tour is due to hit the UK this summer at London's 02 Arena.
She recently released her sixth studio album Circus, a follow-up to her album Blackout which was popular with the critics despite expectations due to her well-documented personal troubles.
Spears is one of the top-selling artists of the last decade and has sold more than 62 million albums worldwide.
To celebrate her latest wax incarnation, Madame Tussauds has launched an interactive dance experience. The Britney Dance Chain will allow visitors to learn some of Spears' best moves, enter a "dance tunnel" and strut their stuff on camera.
