The Caribbean island claimed it wants "full sovereignty" by the time it celebrates its 55th anniversary of independence from the UK in November 2021.
A speech written by Barbados Prime Minister Mia Mottley quoted its first premier Errol Barrow who warned against "loitering on colonial premises".
Reading the speech, Barbados' governor-general Dame Sandra Mason said: "The time has come to fully leave our colonial past behind.
"Barbadians want a Barbadian head of state.
"This is the ultimate statement of confidence in who we are and what we are capable of achieving.
"Hence, Barbados will take the next logical step toward full sovereignty and become a republic by the time we celebrate our 55th anniversary of independence."
Source: Sky News