The museum said it took about four months for a team of sculptors, color artists, and hair artists to create the statue from 250 measurements of Douglas.
The gymnast was stunned by the result.
"For me, it's just an awe," Douglas said. "Like, I never would have thought I would have a wax figure of myself. And it's just, it's amazing you know. I keep staring at it."
Douglas is the first African American gymnast in Olympic history to become the individual all-around champion.
Madame Tussauds San Francisco will open to the public June 26.