Nudes are back, having been banished from its pages by Hugh's son Cooper in late 2015.
On recanting, Cooper, tweeted: "I'll be the first to admit the way in which the magazine portrayed nudity was dated, but removing it entirely was a mistake."
Its approach today has changed. The latest magazine does feature an underwater nude shot, but the participants are not professional models.
One is an underwater dancer who uses the medium to promote ocean conservation.
Another, a Belgian artist, has filmed herself walking naked through Brooklyn.
Many of the pictures in the magazine are taken by female photographers, as it sought to convince readers of the new approach: "Today, we strive to be more inclusive, stretching and redefining tired and frankly sexist definitions of beauty, arousal and eroticism."
Not everybody is convinced, though - including Joanna Coles, a former editor-in-chief of Cosmopolitan.
"Through today's lens, Hugh Hefner is grotesque and his women victims," she told The New York Times.
"They should lay it to rest with Hugh's smoking jacket."
The Sunday Telegraph