The quirky, ten-episode series will follow a US high school A/V club (students who are permitted to work with video projects and sound systems) and a drama club, who collide in Oregon in 1996.
Netflix previously found success with 1980s sci-fi drama Stranger Things, which followed a group of young children investigating the bizarre disappearance of their friend.
Ben York Jones (Like Crazy) and Michael Mohan (Save the Date) are co-creators, and will executive produce Everything Sucks! alongside Jeff Pinkner, Scott Rosenberg, Josh Applebaum and André Nemec from Midnight Radio.
The series will be a Netflix production, and is planned to debut globally in 2018.
“Some of our favorite shows of all time – The Wonder Years, Happy Days, That 70s Show, Freaks and Geeks – looked back at bygone eras with 20 years of hindsight,” said Jones and Mohan in a statement.
“We think this is a great time to take a look back at high school and relive the fashion, music, and attitudes of the mid-nineties the way we remember it. Not sensationalised, not watered down, but desperate, heartfelt, awkward, and exciting.”
Peyton Kennedy (American Fable) and Jahi Winston (The New Edition Story) will star, along with Kate Messner and Luke O’Neil.