A Playmate is a female model featured in the centerfold/gatefold of Playboy magazine as Playmate of the Month (PMOTM). The PMOTM's pictorial includes nude photographs and a centerfold poster, along with a pictorial biography and the "Playmate Data Sheet", which lists her birthdate, measurements, turn-ons, and turn-offs. At the end of the year, one of the 12 Playmates of the Month is named Playmate of the Year (PMOTY). Every Playmate of the Month is awarded a prize of US$25,000 and each Playmate of the Year receives an additional prize of US$100,000 plus a car (on a short-term lease) and other discretionary gifts. In addition, Anniversary Playmates are usually chosen to celebrate a milestone year of the magazine. The use of the word "Playmate" in a sexual sense did not originate with Playboy, and was seen at least as early as 1950 in Vue magazine (vol 1, #1).

Playboy encourages potential Playmates to send photos with "girl next door" appeal for consideration; others may submit photos of Playmate candidates, and may be eligible for a finder's fee if their model is selected. In addition, "casting calls" are held regularly in major US cities to offer opportunities for women to test for Playboy. Until just prior to the death of Hugh Hefner, he personally selected each Playmate of the Month and every Playmate of the Year, taking into account an annual readers' poll.

The final Playmate of the Month was published digitally in December 2020. Playboy also ended the Playmate of the Year title in 2020, instead awarding all 2019 Playmates the shared title of Playmates of the Year. All 2020 Playmates were given yearbook superlatives rather than a PMOTY title.

In 2021, Playboy digitally published two quarterly Playmates. No Playmates have been published since Miss Spring 2021, Hailee Lautenbach.

According to Playboy, there is no such thing as a former Playmate because "Once a Playmate, always a Playmate".