The high-end Xbox Series X will cost $499 while the entry-level Xbox Series S will cost $299. Microsoft will also offer a financing plan that allows customers to pay for either console over 24 months.The Xbox Series S costs $24.99 per month on that plan while the Xbox Series X will cost $34.99 per month.
Microsoft said the financing plans also include access to Xbox Game Pass Ultimate and EA Play, which allows you to download or stream more than 100 games to Xbox or PC. It will also include Microsoft's new mobile streaming services that let you stream from the cloud to an Android phone. You'll have to buy a Game Pass subscription plan separately, which starts at $9.99 per month, if you don't finance.
The Microsoft Series X is four times more powerful than the current Xbox One X and includes an 8-core AMD Zen 2 processor, the same that will power the Sony PS5, although the Xbox has a better graphics card. The Xbox Series S is 60% smaller than the Series X and doesn't have a disc drive, so you'll need to download or stream all of your games.
-- CNBC's Ryan Browne contributed to this report.