The 84-year-old actress and singer released her autobiography My Name Is Barbra in 2023.
She is set to release the children's book And By the Way in 2027.
Announcing the news on Instagram alongside a photo of her sitting at a desk writing, she wrote: "I love being 'Gamma Barbra' to my three beautiful grandchildren.
"Since reading is such a wonderful way to engage and stimulate young minds, I was inspired to write my first children's picture book.
"And by the way … I hope you like it! Coming 3.30.2027."
Streisand also posted a photo showing a grandchild clutching her hand.
Written by the EGOT (Emmy, Grammy, Oscar and Tony) winner and illustrated by Paige Keiser, the picture book follows "a sweet grandparent-grandchild pair on a dazzling day as they play, splash and contemplate life's most important truths", according to the official synopsis.
In a statement shared with People magazine, Streisand said one of her favourite activities with her three young grandchildren is "reading picture books together…sometimes the same ones over and over again".
She added: "So, I thought it would be fun to write my own book … for them … and hopefully for other parents and grandparents to read to their little ones!"
The Funny Girl actress added that she chose the book's title "because it's an expression I use quite often … it seems like there's always one more thing to say".
Streisand called the book's message "one of discovery, self-expression, self-reliance and of course, love", before adding Keiser helped "bring my words to life with her charming illustrations".
Streisand has been married to James Brolin, 86, since 1998 and became a grandmother through her stepson Josh Brolin's two marriages.
With a career spanning more than six decades, Streisand has won five Emmys, 10 Grammys, two Oscars and a Tony award.
Some of her best-known screen roles include 1968's Funny Girl, which earnt her the Academy Award for best actress, as well as Hello, Dolly! and Yentl.
Her 2023 memoir – which spanned 962 pages – debuted at number two on The New York Times best seller list.
And By the Way is released on March 30, 2027.
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