The film told the story of married assassins who get assigned to kill each other.
The Fleabag star and Atlanta actor are also executive producers of the series, which will be released next year.
Francesca Sloane is the showrunner for the series.
Jennifer Salke, head of Amazon Studios, said: “Talk about the dream team! Donald and Phoebe are two of the most talented creators and performers in the world.
“It’s truly a dream for us, as it will be for our global audience, to have these two forces of nature collaborating as a powerhouse creative team.
“Mr and Mrs Smith is an iconic property, and we can’t wait to see how Donald, Phoebe and Francesca make it their own.”
Executive producers Yariv Milchan and Michael Schaefer said in a joint statement: “Having had the pleasure of successful collaborations with the incredibly talented Donald Glover, most recently on Guava Island, we all started talking about other projects to do together and when he suggested the idea of a new take and iteration on the New Regency film, Mr & Mrs Smith, we jumped at the chance to get going right away.
“Adding Phoebe and her company Wells Street Films as a collaborator and co-star takes everything up another level and makes the project worthy of a reimagining for both new audiences and past fans of the original film.”
The series will be exclusively available on Amazon’s Prime Video.