The series, which will feature 10 episodes, will air in 2016.
Inspired by the Olivier Award-winning play The Audience, which will open on Broadway in 2015, "The Crown" marks Morgan's first U.S. television series. He is reuniting with Stephen Daldry, who will direct the series. Daldry directed "The Queen" and The Audience's London staging and will helm the Broadway production, which will star Academy Award winner Helen Mirren.
"The Crown" will explore personal and political aspects of Queen Elizabeth II's reign, including the balance between her private and public life.
"'The Crown' is not only about the royal family but about an empire in decline, a world in disarray and the dawn of a new era," Morgan told the Hollywood Reporter. "I am beyond thrilled to be reunited with partners from film, theatre and television for this epic project and delighted to be working for the first time with Netflix."
"Peter Morgan's scripts turn a tumultuous period of history into a thrilling story on an epic scale; dealing with both intimate relationships and international affairs. I cannot wait to bring 'The Crown' to life for a global audience on Netflix," Daldry added.
Morgan is two-time Academy Award nominee for "The Queen" and "Frost/Nixon," for which he also wrote the stage play. Daldry received Tony Awards for his direction of An Inspector Calls and Billy Elliot and Academy Award nominations for directing "Billy Elliot," "The Hours" and "The Reader."
Morgan and Daldry will reunite with Left Bank Pictures' Andy Harries ("The Queen") as executive producers of "The Crown" alongside Robert Fox and Matthew Byam Shaw.