Apple chief executive Tim Cook revealed two other phones that upgrade its current range, called the iPhone 8 and iPhone 8 Plus, at the event in the Steve Jobs Theater at Apple's headquarters in California.
The technology company's other new products include the Apple Watch 3 and the Apple Watch 4K TV.
Here's everything you need to know about and the best features of Apple's new flagship product.
iPhone X price and release date
The iPhone X won't come cheap. Apple will release two versions, a 64GB version, which will start at Â£999, and a more expensive 256GB version for Â£1,149 - ushering in the era of the Â£1,000 smartphone.
It will not ship until later this year. The iPhone X will be available for pre-orders on October 27 and be released generally on November 3.
Key info | Release dates and prices
iPhone 8 and 8 Plus
Â£699 and Â£799
Apple Watch Series 3
Â£329 without cellular, Â£399 with
What does the iPhone X look like?
The iPhone X has a 5.8-inch screen squeezed into a body smaller than the iPhone 8 Plus. Apple said it has been its goal to create "an iPhone that is all display".
Apple has dropped the iPhone's iconic home button, which has been present on every device since the first iPhone released in 2007. It has also removed the front-facing fingerprint scanner, which has been adopted by plenty of other leading brands.
Instead, the iPhone X has a nearly bezel-free design with the screen covering almost the entire front of the phone. To make room for the front-facing selfie camera and facial recognition, the screen has a slight notch that indents at the top.
It has a dual-lens rear facing camera and will come in the colours silver and grey