Cruz's model - sporting a floor-length blue dress - was unveiled by staff at the London branch of the famous wax museum on Thursday.
The waxwork of the Captain Corelli's Mandolin star was created due to overwhelming popular demand, according to a Tussaud's spokeswoman.
The actress is currently dating Hollywood star Tom Cruise. But his waxwork was nowhere to seen at the London venue.
The spokeswoman explained that the Mission Impossible actor's model had not been on display for years.
"We did have Tom Cruise about 15 years ago but we took him out because it was a waxwork from his Top Gun days and it looked nothing like him any more," she said.
"But we are in the process of making a new Tom, which will hopefully be ready in January. If they are still together in real life then we'll be putting them together."
Cruz and Cruise became romantically linked after they worked together on the forthcoming film Vanilla Sky.
Touring
As well as Captain Corelli, Cruz has starred in Blow with Johnny Depp and All the Pretty Horses with Matt Damon.
These films show how Cruz - long recognised as one of Spain's leading stars - has managed to make her mark with international audiences as well.
Madame Tussaud's museums dedicated to celebrities, royalty and world leaders can be found around the world - in London, Las Vegas, New York, Amsterdam and Hong Kong.
They are named after the 19th Century waxwork-maker Madame Tussaud.
She arrived in the UK from France in 1802 and travelled around Britain for 33 years with her touring exhibition of waxworks before settling in London on 1835.
After her death in 1850 her sons and grandsons kept the business going and it was moved to its present site in London in 1884.
Direct descendants remained involved until 1967.