Civil War II sees Tony Stark hang up his boots to be replaced by Riri Williams, the company said, reported BBC.
The character is a Chicago-born science genius studying at MIT and made her debut earlier this year.
The news has prompted a huge reaction online, with many welcoming it as a step forward for diversity.
"Iron Man" writer Brian Michael Bendis said he came up with Williams' character after being struck by the "chaos and violence" of Chicago while working in the city.
The Iron Man character first appeared in 1963. The series focuses on billionaire weapons inventor Tony Stark.