The Xbox 360 Elite will sport several new features as well as a smooth black finish reminiscent of the original Xbox models.
The console will ship in the US on 29 April at $479. Current Xbox models cost $299 and $399.
No date was given for a European release, although a company spokesperson told vnunet.com that Microsoft plans to sell the console worldwide.
The Elite model will be the first to sport HDMI output allowing users to hook the console to a television with a single cable providing HD video with progressive scan (1080p) and surround sound.
Current Xbox 360 models offer interlaced HD Video (1080i) through traditional multi-plug component cables.
The Elite console will also feature a larger 120GB hard drive. The largest hard drive previously available on the Xbox 360 was a 20GB model.
Microsoft will ship a collection of custom black accessories to match the Xbox Elite's new paint job, including a black headset and wireless controller and black rechargeable battery packs.
The move also comes less than a week after the official European PlayStation 3 launch.
Cotton seedling freezes to death as Chang'e-4 shuts down for the Moon's 14-day lunar night
Fortnite easily out-earns PUBG, Assassin's Creed Odyssey and Red Dead Redemption 2 in 2018
Meteor showers as a service will be visible for about 100 kilometres in all directions
Saturn's rings only formed in the past 100 million years, suggests analysis of Cassini space probe data
New findings contradict conventional belief that Saturn's rings were formed along with the planet about 4.5 billion years ago