The nine-episode series has been written and created by "Mad Men" alum Dahvi Waller, reported Variety.
Waller will also executive produce the series alongside Blanchett, Stacey Sher and Coco Francini.
Schlafly is known for being an outspoken opponent of the Equal Rights Amendment. She also took a stance against same-sex marriage during her decades in public life as a voice in the American conservative movement.
"I feel privileged to have this opportunity to collaborate with Dahvi, Stacey and Coco under the robust and fearless FX umbrella," said Blanchett in a statement.
"I am extremely excited about delving into the material as there couldn't be a more appropriate time to peel back the layers of this recent period of history, which couldn't be more relevant today," she added.
(With inputs from agencies.)