As can be seen from our exclusive first look at the latest image of Streep in the role, not only has the famous bouffant hairstyle been meticulously been recreated, but every detail from pearl earrings to scarves has been recreated.
Streep is daunted by a figure she describes as a remarkable woman, "I can only hope my stamina will begin to approach her own."
"I am trying to approach the role with as much zeal, fervour and attention to detail as the real Lady Thatcher possesses.
Shooting for the film began on location in the UK on 31st January helmed by Phyllida Lloyd who directed Streep previously in the successful musical film adaptation Mamma Mia!
The Iron Lady tells the story of Margaret Thatcher as "a woman who came from nowhere to smash through the barriers of gender and class to be heard in a male dominated world."
The filmmakers promise to provide a unique insight into both Margaret Thatcher’s personal and professional lives with "a surprising and intimate portrait of an extraordinary and complex woman".
The film also stars Jim Broadbent as Denis Thatcher, with Alexandra Roach and Harry Lloyd playing the young Margaret and Denis.
The Iron Lady releases in Australia on Boxing Day 2011.