The Galaxy Gear will come in six colours and have 4GB of storage and with a1.6" screen, Samsung say they have designed the watch to last for more than a day on a single charge.
The Gear will be available in the US and Japan in October, but the rest of the world will have it later this month.
The Galaxy Gear is designed so that users wearing the watch can make and receive calls without removing their phone from their pockets or bags.
Wearers can answer calls by raising the watch to their ear.
Samsung has unveiled its Galaxy Gear smartwatch as it competes with Google Glass in the wearable devices market.
Samsung will today become the first major smartphone manufacturer to unveil a smart watch.
The Korean company will reveal the product in Berlin and will beat Apple's iWatch - which is rumoured to be released in Spring next year.
Samsung is to unveil its first smartwatch on September 4th, the company's mobile business chief told The Korea Times today.
Lee Young-hee said the product, called the Galaxy Gear, would be "a new wearable concept device" that would "enhance and enrich the current smart mobile experience in many ways."
The South Korean firm's attempt at the product comes after a £79 Sony effort but is expected to precede a similar launch by fierce rivals Apple.
Samsung has unveiled its revolutionary Galaxy S4 Zoom that combines a smartphone and a high-end camera.
The camera has a 10x optical zoom and 16 megapixel sensor. The phone is Galaxy S4 technology.
It's expected to be available in the UK this summer.
Certainly it looks like year-on-year growth was much higher for Samsung's mobile phone unit than for Apple's iPhone segment.
That's a testament to the broad appeal of Samsung's device range compared with the relatively high-end focus of the iPhone.
It's also helpful that Samsung has device launches throughout the year, which help to keep demand going on a more consistent basis, whereas Apple suffers from strong seasonality.
Samsung's latest smartphone offering, the Galaxy S4, goes on sale in the UK tomorrow. The device, which allows users to control the screen using their eyes. It is expected to give the company another boost, and is said to pose the greatest threat yet to Apple's iPhone.
- Samsung sold a record 69.4 million smartphones in the first quarter
- That boosts its market share to an all-time high of 33.1%
- The South Korean company made a net profit of £4.2 billion
- Apple which sold 37.4 million iPhones in the March quarter, took 17.9 percent of the market
Samsung saw its profits leap by 41% in the first quarter of this year, thanks to a surge in sales of its smartphones.
Samsung's profits come as Apple faces increasing pressure to retain its reputation as one of the world's leading innovators after reporting its first fall in profits in a decade.