The company posted a video on its own Instagram account detailing the evolution of the design.
The former logo depicted a brown camera with a rainbow stripe in the left-hand corner and distinct lens and flash features.
The new design is a simpler, multicolored and more animated icon.
"The new (logo) represents a simpler camera and the rainbow lives on in gradient form," the company said.
Instgram said the change reflects the developments the company has made since it's inception in October 2010.
"The Instagram community has evolved over the past five years from a place to share filtered photos to so much more -- a global community of interests sharing more than 80 million photos and videos every day. Our updated look reflects how vibrant and diverse your storytelling has become," the company said.