The 13-member commission, made up of seven men and six women, will examine the question with a particular focus on the history of women having played this role in the early years of the Church, the Vatican said in a statement revealing the commission members.
The panel will be chaired by Spanish Archbishop Luis Ladaria, the secretary of the Vatican's theological watchdog, the Congregation for the Doctrine of the Faith.
A Jesuit, Ladaria is seen as a neutral figure without strong ties to either the progressive or conservative wings of the Vatican hierarchy.
That was warmly welcomed by Catholic feminist groups such as the US-based Women's Ordination Conference (WOC).
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But Francis subsequently complained that the media had blown his comments out of proportion, saying he had not raised the possibility of women serving as deacons.
Advocates of such a move have long argued that women are pitifully under-represented in the Church's hierarchy and decision-making processes, despite the number of women in religious orders far outweighing the total of priests and monks combined.
They also insist there is no theological obstacle to the move because of the precedent established by women performing the role in the early centuries of Christianity.
Francis said in May that he was unclear about the history and that it "would do good for the Church to clarify this point."
He made it clear that he did not see women becoming priests. That option was examined and categorically rejected by one of his predecessors, Pope John Paul II, in 1994.
The Vatican did not set a deadline for the commission to reach conclusions on what is a vexed issue.
Although deacons cannot celebrate mass on their own or hear confessions, they are ordained and can carry out many tasks in place of a priest, while remaining free to marry and have a family.
Their tasks can include presiding over baptisms, weddings, funerals and prayer services. They often help with parish management and offer pastoral guidance to believers.