The name and frequency change are just two of several changes to the title, which is mailed out to more 7.5 million subscribers. Further changes include new content, layout and design, as well as a 20-page increase in pagination.
The first issue of the new-look magazine, which is slightly smaller in format, will be the December edition.
The relaunch follows research undertaken by BSkyB, which brought the magazine in-house last year after its former publisher, News Magazines, was shut down.
Sky Magazine will now provide editorial copy in five areas: TV Insider, TV People, TV Special, Updated TV Planner and We Love, which includes contribution from Ross Kemp and Jamie Redknapp.
Last week, Media Week revealed that BSkyB has brought the publishing duties for its Sky Sports magazine in-house, ending its relationship with Haymarket Network.