The model and businesswoman announced the career move during a press conference at a London studio on Wednesday where she was dressed as a nun.
It comes as the 43-year-old faces the possibility of jail after being arrested on suspicion of breaching a restraining order.
Price told the PA news agency that OnlyFans allows its users control over what they post and said it is a safer way of making content.
She added that she wants to “empower” other women to “embrace it because there’s that stigma of a woman getting her kit off”.
She said: “I think when it comes to something like this platform, you want to be in control.
“I have people who have tried to control and dictate me for too long and I think that’s where it goes wrong, because people see me as a target to make money, whereas now I’m in control and it’s my way or no way.
“I think it’s definitely a safer way to use the platform because you’re in control, and I would advise anyone, if you want to do it, this is the way you should do it because you control everything that goes out.”
She added that she is “embracing herself” and is a “feminist”.
She said: “It is something that I’m born to do. There’s no lads’ mags anymore.
“It (the content) went on to social media and I’m not used to that world, and I look and think ‘Why would you want to give that away?’
“I think my body’s valuable, I own it, it’s my rules, my body, and I want to dictate how I show my body.”
The mother-of-five said she contacted OnlyFans as it was something that had been on her mind “for ages” and content on her channel will include an insight into her life and interviews with talent from the platform.
She told PA: “It’s not just about naked stuff – there’s a lot more to it, which is why I want to do it. It’s about being in power of myself and being in control. It’s my body, my rules. It’ll be a show within a show.
“It was something on my mind for ages and I always said I’d never do it. I thought you’d have to go topless or nude, which I wouldn’t be comfy doing. It’s good for my mental health doing something I enjoy.
“When I’m behind the camera I become animated. The camera loves me and I love the camera. Hopefully I can empower other women who are my age, or any woman, to embrace it. I’m creative and no-one can deny for 25 years this is what I’ve done. Being big-headed? Yeah. Being arrogant? Yeah, because I’m the best at it.”
The model burst on to the glamour scene in 1996 and went on to become one of the UK’s better-known glamour models under the moniker “Jordan”.
She then went on to compete in reality TV shows including I’m A Celebrity … Get Me Out Of Here! and launched a number of businesses including make-up and equestrian ranges.
Police were called to Price’s Sussex home on Friday amid reports that she had sent an abusive message to her ex-husband, Kieran Hayler and his fiancee, Michelle Penticost.
Price was banned from contacting Penticost in 2019 under the terms of a five-year restraining order and was fined hundreds of pounds for hurling a foul-mouthed “tirade of abuse” at her during a row in a school playground.
She also avoided having to appear in court on Monday after a three-year-old fine totalling £7,358 she owed was paid.
In December, she was handed a 16-week suspended sentence for drink-driving while she was disqualified and did not have insurance, as well as a two-year driving ban following a crash near her home.
Price, who is engaged to Carl Woods, has been married three times – to singer Peter Andre, cage fighter Alex Reid, and Hayler.
She has five children, two with Hayler, two with Andre and a son from a relationship with Dwight Yorke.