The streaming service will launch the new version of the show in 2017, with Scholastic and 9 Story Media Group on production duty.
The original show, based on the Scholastic book series of the same name, went out on US pubcaster PBS in the 1990s.
It teaches kids science through the adventures of an inspiring teacher Ms. Frizzle.
“The original Magic School Bus series was one of the first series that I produced, 20 years ago,” said Vince Commisso, president and CEO of 9 Story. “I have a deep connection to the brand and a profound respect for its vision. We are so excited to work with Scholastic and Netflix and remake this wildly popular series for a whole new generation of kids.”