Both she and Nicholas Hoult have agreed to come back for the comedy drama, created by Tony McNamara.
The first 10 episodes of the period piece, in which Fanning portrayed the longest-reigning female ruler in Russia's history at the beginning of her rise to power, debuted in May (20) to critical acclaim, giving Hulu bosses "one of the top performing original comedies" on their platform.
Fanning previously told Deadline she really enjoyed playing Catherine after reading up on the character, explaining, "I knew she was Empress of Russia, but through this I learned so much more about what she did and how she truly is a feminist icon."
"She took down The Man. She did it, and that was just so fascinating and exciting to me - to show how she became the person who was able to do that... She was born with those qualities inside her, but she had to learn how to use those qualities."
Fanning celebrated the news of season two by posting a photo of her character holding her breath and adding the caption: "I can't hold it any longer! THE GREAT is renewed for a SEASON 2!!!!! Okay, now seriously @nicholashoult I'm going to get you this time..."