Theron, 45, and Washington, 44, looked like royalty in the first look for the Netflix fantasy film School for Good and Evil.
Paul Feig, who is directing the film, shared a photo of himself and the two actresses in full costume with Theron sporting bright red hair and a black gown while Washington wore a gray sparkling gown.
"First look at Lady Lesso and Professor Dovey of the #SchoolForGoodAndEvil, apparently hanging with the swing choir teacher of good and evil," Feig, 58, wrote in the caption. "Everyday with these two awesome powerhouses is a true joy. #solucky #timeofmylife."
Theron shared a closer look at her new curly red hair and black stiletto nails, writing on Instagram Tuesday, "Ain't no rest for the EVIL 😈Can't wait for you all to meet Lady Lesso #SchoolForGoodAndEvil @netflixfilm."
Washington also shared another image on her own Instagram account, this time a photo of herself wearing a gold gown, a blonde wig and a crown.
"More GOODness to come👸🏾😇👑…#SchoolForGoodandEvil," Washington wrote in the caption.
The film, which is based on the fantasy novels of the same name by Soman Chainani, is set in the fictional widespread location of Endless Woods.
The first trilogy follows the adventures of best friends Sophie and Agatha at the School for Good and Evil where children are trained to become either fairytale heroes or villains.
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Theron plays Lady Lesso, a teacher for the School of Evil, while Washington plays Professor Dovey, a teacher for the School of Good.
In March, the Scandal star told PEOPLE she was excited to prepare for the film.
"And it was just announced that Charlize Theron and I are going to be filming [director] Paul Feig's film, The School for Good and Evil, based on the best-selling young adult novel. We're super excited about that," she said at the time. "It's a fantasy land, so I'm actually having a lot of fun thinking about what the nails will look like for that character!"