Colman isn't the only new member of the cast however, as Tobias Menzies will take the crown from Matt Smith as Prince Philip alongside Helena Bonham Carter (Princess Margaret), Josh O'Connor (Prince Charles) and Erin Doherty (Princess Anne).
Although choosing the famous faces to take on the now-iconic roles wasn't difficult for creator Peter Morgan, he was concerned about creating a "seamless" transition on screen.
"I had no doubts that Olivia could do it, she's amazing to watch," he admitted. "The new cast didn't bother me, it was how to make the new cast feel like the same show - to feel that it was seamless. And I think it does."
The forthcoming season will see The Firm struggle to ride the political uncertainty of the '60s and '70s from cold-war paranoia to the space age with the need to "adapt to a new, more liberated, but also turbulent world".
But the real power struggle comes from within the Buckingham Palace walls, as the Windsor clan try to comprehend their newfound regal roles.
In particular, a rivalry between Her Majesty and Princess Margaret begins to surface while Prince Charles' relationship with his mother also comes under strain.
"Here is a man who, in order for his life to take meaning, his mother has to die," Josh O'Connor said on Prince Charles. "That is a huge monumental, philosophical thing."
Forget about their prestigious titles for one moment, it's their fluctuant relationships that viewers can really identify with.
"It's basically about a family, that's why we relate to it. But then under extraordinary circumstances," Helena Bonham Carter explained in the featurette. "But then having very ordinary reactions too."
The Crown Season 3 premieres Sunday, November 17 on Netflix.