The console looks far more like a PC than we've seen from previous Xbox consoles, and Microsoft's trailer provides a brief glimpse at the new design. The console is designed to be used in vertical and horizontal orientations.
Microsoft's Xbox chief, Phil Spencer, promises that it will "deliver four times the processing power of Xbox One X in the most quiet and efficient way".
The Xbox Series X will include a custom-designed CPU based on AMD's Zen 2 and Radeon RDNA architecture.
Microsoft is also using an SSD on Xbox Series X, which promises to boost load times. Xbox Series X will also support 8K gaming, frame rates of up to 120 fps in games, ray tracing, and variable refresh rate support. Microsoft also revealed a new Xbox Wireless Controller today.
Spencer said: "Its size and shape have been refined to accommodate an even wider range of people, and it also features a new Share button to make capturing screenshots and game clips simple."
This updated controller will work with existing Xbox One consoles and Windows 10 PCs, and will ship with every Xbox Series X.