The film is being directed by Jeff Tremaine, which is based on the 2001 autobiography "The Dirt: Confessions of the World's Most Notorious Rock Band", according to The Hollywood Reporter.
The book has been penned by band members Tommy Lee, Vince Neil, Mick Mars, and Nikki Sixx, along with author Neil Strauss.
Osbourne shot to fame as the lead vocalist of the heavy metal band Black Sabbath in the 1970s and was sacked from the group in 1979.
He emerged as a bigger name in the 1980s with Motley Crue, which combined hard rock, heavy metal and glam rock and went on to sell over 100 million albums worldwide.
"The Dirt" also features Douglas Booth as Nikki Sixx, Iwan Rheon as Mick Mars, Daniel Webber as Vince Neil and rapper Machine Gun Kelly as Tommy Lee.
Netflix has bought the rights to the project.