The device, which first came out in 2000 and was discontinued five years later, was known for its long battery life, indestructible nature and popular Snake game, with 126 million units produced.
The updated version, costing £41 ($60 NZD) and going on sale later this year, will have a battery that lasts a month on standby mode – compared to around 11 days in the original.
Standby time is defined as the amount of time a fully-charged phone can be left on waiting for a call or text message.
It will have 22 hours of talk time – 10 times more than the original – and for Snake fans it will again feature the classic game.
It offers 2.5G connectivity, meaning the user can only get basic internet on the handset and there is no Wi-Fi.
HMD Global, owner of the Nokia brand, said the new model is aimed at those looking for a second or so-called “burner” phone to make calls and send texts.
The 3310 will come in a range of colours, including the original navy blue as well as red, yellow and grey.
The new version features a colour screen instead of monochrome and is slightly thinner than the original.
There had been rumours for weeks that the company would announce the comeback at the Mobile World Congress in Barcelona and that is what happened on Sunday.
The firm also showed off a new line of mid-range modern smartphones.
They included the Nokia 6, which the company released in China at the start of the year, as well as a limited edition gloss version called the Arte Black – alongside the new Nokia 5 and Nokia 3.
The company hopes the new phones, which will go on sale in the second quarter – at a date to be confirmed between April and June – will improve its fortunes.