Metropolis leaders unveiled the statue on Friday.
The city already has a 15-foot bronze statue of Superman in Superman Square.
The Lois Lane statue is modeled on actress Noel Neill, who played playing the female reporter with a crush on Superman in movies and on television in the 1940s and 1950s.
Artist Gary Ernest Smith created the statue and says making the piece was a dream come true because he grew up watching Superman.
Neill says she was honored to memorialized with the statue.
Metropolis Mayor Billy McDaniel says the statue will be a source of pride for the city for years to come.