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The 27-year-old model - the daughter of Mick and his ex-wife Jerry Hall - was asked to appear in the adult magazine in 2005, but the Rolling Stones legend wouldn't let her, and Lizzy always regretted having to say no.
However, her parents have now changed their mind after she managed to convince them it was a good idea.
Lizzy - who appears on the front cover with just her long brunette hair and a see-through piece of material protecting her modesty - said: "They understood that when you don't know when you're going to have kids, it's nice to have wonderful pictures of your 20-something self. And at 27, I feel comfortable expressing myself through my body. I'm kind of a topless person. I'm quite European."
A year after Lizzy was born, her mother Jerry posed on the front cover of the publication when she was 29.
Last year, Lizzy spoke of her desire to do a naked photo shoot before she became a mother.
Recalling her first offer from Playboy, Lizzy said: "I wasn't willing to do fully naked photos. You have to show your breasts and the top half of your bottom. I didn't have a problem with topless, and now, at 26, I'm thinking I should do naked pictures before I have children."
