"Inspiring Women" dolls come with educational information about the contributions each woman made to society, and "Shero" dolls highlight real women who have broken boundaries in their fields.
The new Barbie is part of the company's "Barbie Inspiring Women's Series" line of dolls.
The Barbie version of Frida Kahlo, a Mexican artist and feminist activist, is outfitted in a traditional Mexican, brightly-coloured dress and is depicted with her signature monobrow.
The doll "is a very important reminder than I can be anything I want to be, that I can be my own muse", Alvarado said.
Jazz Jennings was made into the first ever transgender doll previous year. She died five years before the first Barbie appeared on shelves in 1959.
However, the company argued they had the permission to create the doll.
CEO Robert Tonner added: "Jazz stands for everything I respect from a human nature point of view - she's incredibly courageous, intelligent, warm-hearted and creative". But this International Women's Day, you can actually get access to dolls that are truly inspiring and encouraging.
The doll features Adams' distinctive hairstyle, and sports boxing gear emblazoned with her trademark "Lioness" nickname.
Other dolls being launched for International Women's Day on Thursday include a Turkish windsurfer, a German entrepreneur and a Polish journalist.
Glam!Frida is a trend I've seen a lot of as the Frida Renaissance has been happening in non-Latinx pop culture, and what makes it unsettling is that all of it completely ignores what Frida stood for in terms of her own self-expression.
"That's why empowering the next generation of kids is something I'm passionate about and it's great to work with Barbie to share my story now", she added.