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The daughter of Jerry Hall and Rolling Stone legend Mick Jagger previously admitted that she had been banned from posing for the magazine by her parents.
However, she has now followed in the footsteps of her mother - who appeared on the front cover in 1985, when Lizzy was 1 years old.
"I feel comfortable expressing myself through my body," the 27-year-old said of her six-page shoot. "I'm a topless person. I'm quite European."
Although, she said that her parents had now given her their backing: "They understand that when you don't know when you're going to have kids, it's nice to have wonderful pictures of your 20-something self.
"And at 27, I feel comfortable expressing myself through my body," the model, who has appeared in campaigns for Burberry and Marks & Spencer, added.
Lizzy's younger sister Georgia May recently admitted that their father had been strict about ensuring that schoolwork was a priority over her modeling career.
The June issue of Playboy is available from May 17.
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