The dolls were reviewed and approved by Taylor herself before she died in 2011 at the age of 79.
Taylor was famous for her violet eyes while White Diamonds is the name of her fragrance.
Along with her signature black bob, the White Diamonds, priced at USD 125, come in a glamorous white dress, a red satin ribbon pinned on the lapel to represent the extensive work Taylor did for HIV and AIDS.
Meanwhile, the Violet Eyes doll, USD 150, wears a black satin dress with matching opera gloves and pumps, rhinestone jewels, black sunglasses and a mini 'perfume' bottle.
She also has a tiny red ribbon near her shoulder to represent her commitment to battling HIV and AIDS.
The late actress' distinct features are captured with great detail in the doll's sculpting - down to the exact shade of violet of her famous eyes.
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The two Barbies have been released in the lead up to the premiere of Elizabeth Taylor and Richard Burton biopic, "Liz & Dick", starring Lindsay Lohan.
The two dolls are the fourth and fifth Elizabeth Taylor Barbies ever to be created, the previous three released together in 2000.