The 31-year-old actress is the first transgender person to be chosen for the honor by the wax museum. Cox will unveil her statue at the San Francisco location ahead of the city's 45th annual Pride Celebration & Parade on June 26.
"I am so deeply honored to have been asked to be part of the Madame Tussauds legacy," the star said in a statement. "I hope that this will be a source of inspiration for everyone who encounters it to believe that their dreams matter and are possible."
"Madame Tussauds is proud to recognize Laverne Cox's achievements," spokeswoman Beth Schnitzer said on behalf of the museum. "[The choice reflects] the San Francisco Pride 2015 theme of equality without exception and [underpins] Madame Tussauds' tradition of celebrating and reflecting contemporary society."
Cox is best known for portraying Sophia Burset on Netflix series Orange is the New Black, which will return for a third season June 12. She is the first transgender person to be nominated for an Emmy in an acting category, and to appear on the cover of Time magazine.
Cox is an active voice in the transgender community, and shared her support for Caitlyn Jenner after learning of the reality star's transition in May. The 65-year-old Olympic medalist revealed her new name and look in Vanity Fair last week after confirming she is transgender in April.