Unlike the original, which was known for its sturdiness, the new Nokia 3310 will allow Web browsing.
Consumers thinking of using the 3310 to surf online on Wi-Fi networks in the absence of 2G will be out of luck, too - the handset does not have Wi-Fi support.
Still, the new version of the 3310 will bring back its predecessor's popular "Snake" game and distinctive ringtones, said Arto Nummela, the head of Finnish start-up HMD Global which will produce the phone under a licensing agreement with Nokia.
"The telephone will allow you to talk for 22 hours, 10 times more than the original," he said during a presentation in Barcelona on the eve of the start of the Mobile World Congress, the world's biggest mobile phone show.
Launched in 2000, Nokia's original 3310 sold nearly 120 million units worldwide before it was discontinued in 2005, making it one of the world's best-selling mobile phones.
Analysts said resurrecting the popular model was a clever way for HMD Global to relaunch Nokia's brand.
"HMD launched three new smartphones and an iconic mobile. It is a way to create a halo effect around the other models by reviving talk about the Nokia brand," said Thomas Husson, a mobile analyst at Forrester.
In addition to the new 3310, HMD presented three new smartphones, the Nokia 3, Nokia 5 and Nokia 6 which will sell for different prices.
The Nokia 6 was already available in China and will now go on sale globally.
"We think (Nokia) could take 5 percent of the global smartphone market by the end of 2019. But it needs to get big quick or it won't work," said CCS Insight's device specialist and chief of research, Ben Wood.
Its telephone brand remains widely recognised, especially in developing markets.
Now a leading telecom equipment maker, Nokia sold its entire handset business to Microsoft Corp in 2014.
Last year HMD bought Microsoft Mobile's handset business and the right to use the Nokia brand.
Under the agreement, Nokia will receive royalty payments from HMD for sales of every Nokia branded mobile phone or tablet.