Video report by ITV News Royal Correspondent Chris Ship
The couple are signed up with the streaming service Netflix, which will pay them to make a range of programmes for the media giant.
The Duke and Duchess of Sussex, who officially left as working Royals in April, will produce documentaries, docu-series, scripted series and children's programming.
Some of the television shows are already in production.
Harry and Meghan want to make content that "resonates with them personally", according to their spokespeople and the deal with Netflix will enable them to highlight issues that their new charity organisation, Archewell, is focused on.
The couple said in a statement: "Our focus will be on creating content that informs but also gives hope.
"As new parents, making inspirational family programming is also important to us.”
Netflix has 193 million subscribers worldwide.
The Sussexes said that Netflix’s “unprecedented reach will help us share impactful content that unlocks action".
The projects already in development include an animated series that celebrates inspiring women and what their team calls an "innovative nature docu-series".
No further details are available at this time.
Ted Sarandos, Netflix’s co-chief executive and chief content officer, said: "We’re incredibly proud they have chosen Netflix as their creative home and are excited about telling stories with them that can help build resilience and increase understanding for audiences everywhere”.
The announcement means that the Duke and Duchess are following a similar path to the former President and First Lady, Barack and Michelle Obama, who also struck a production deal with Netflix for a series of programmes.
Meghan does not intend to return to acting and will work with Harry as a producer of the shows.
The couple also said they were committed to hiring diverse voices, both in front of camera and behind it.
Netflix would not comment on how much the deal is worth.
Prince Harry currently appears in a Netflix show about the Paralympic Games, called rising Phoenix, which began streaming on the channel last week.