Bosses at the streaming service have handed the series a 16-episode final run, which will start shooting following the premiere of season six, which debuts in January, 2020.
"It's thrilling and somehow fitting, that our show about the challenges, as well as the beauty and dignity of aging, will be the oldest show on Netflix," co-creators and showrunners Marta Kauffman and Howard J. Morris said in a statement.
Fonda and Tomlin added: "We are both delighted and heartbroken that Grace and Frankie will be back for its seventh, though final, season. We're so grateful that our show has been able to deal with issues that have really connected to our grand generation. And their kids, and amazingly, their kids as well."
"We'll miss these two old gals, Grace and Frankie, as much as many of their fans will, but we'll still be around. We've outlasted so many things - just hope we don't outlast the planet."
The show premiered in 2015.