The 2,300-year-old brightly painted mummy wearing a gilded mask and blue wig was found near the Saqqara pyramids on the edge of the desert, about 15 miles south of Cairo.
The mummy, thought to be a wealthy male, dates to the 30th Egyptian dynasty, under Pharaohs Nectanebo I, Teos and Nectanebo II from 381BC to 343BC.
Archaeologists found the mummy buried in a 20-foot-deep shaft in the reused royal enclosure of King Teti.
The mummy had "maybe the most beautiful scenes I have ever seen in my life on a mummy," Zahi Hawass, head of the Egyptian Supreme Council for Antiquities, told the newspaper.
Hawass said he hoped electronic scans would reveal details of how the person who was mummified lived and died.