Chief Executive Tim Cook said the phone is ideal for people who prefer smaller phones.
"This is important for our existing users who want a smaller iPhone at a great value," said Cook.
New iPad
Apple also launched a new version of iPad Air after two years which offers 5G connectivity and faster M1 chipset, the chip used in MacBooks.
The new iPad starts at $599, the price being unchanged from 2020, and will be available from March 18. The iPad comes with 12-megapixel front camera with a wide angle lens.
Apple also announced two new colors for its iPhone 13 models. iPhone 13 will also be available in “green” and iPhone 13 Pro in “alpine green” starting Friday.
Apple said it will air two exclusive Major League Baseball games on Apple TV+ for free on Friday nights for now.