The book chronicles Smith's relationship with artist and photographer Robert Mapplethorpe, whom she lived with in New York from 1967-74, reported NME.
Smith herself will be scripting the series along with "Penny Dreadful" creator John Logan who will also co-produce.
In a statement announcing the adaptation Smith, 68, said, "A limited series on Showtime will allow us to explore the characters more deeply, enabling us to develop stories beyond the book and allow a measure of unorthodox presentation."
Smith has recently announced that a sequel to the book, titled M Train, will be released on October 6.
"Just Kids" has so far been translated into more than 40 languages and became a New York Times best-seller. It was also the recipient of the 2010 National Book Award for Nonfiction.