The series, which will be shown to members worldwide in 2018, is based on a graphic novel that follows the estranged members of a dysfunctional family of superheroes.
It was written by My Chemical Romance singer Way and illustrated by Gabriel Bá.
The Umbrella Academy will be produced by Universal Cable Productions. Steve Blackman (Fargo) will serve as executive producer and showrunner, with additional executive producers being Bluegrass Television, and Mike Richardson and Keith Goldberg from Dark Horse Entertainment.
Way will serve as co-executive producer.
He said: “I am thrilled that The Umbrella Academy has found a home at Netflix. I couldn’t think of a better place for the vision Gabriel Bá and myself had when creating the comic, and cannot wait for people to experience that world as a live-action show.”