The project will be Carrey's first regular television role since his days on the 1990's sketch show "In Living Color," reported Variety.
The 55-year-old star will play Jeff, aka Mr Pickles, an icon of children's television, who also anchors a multimillion dollar branding empire. But when his family begins to implode, Jeff finds no fairy tale or fable or puppet will guide him through this crisis, which advances faster than his means to cope.
Showtime has ordered a 10-episode first season.
The project will also reunite Carrey with "Eternal Sunshine of the Spotless Mind" director Michel Gondry.
"With his 'Eternal Sunshine...' partner Michel Gondry on board to direct, we are on our way to a magnetic, volcanic and emotional viewing experience," Showtime president and CEO David Nevins said.
Dave Holstein-a writer and producer on both Showtime's "Weeds" and "I'm Dying Up Here"- created the series, wrote the pilot, and will serve as showrunner.