Available in single and dual-SIM models, the device will set you back €115 (£98). It features a 2.4in Gorilla Glass LCD screen and a 5-megapixel LED flash camera, which includes image capture options like panorama, sequential shots, and voice-guided self-portrait.
"When designing the Nokia 515 we set out to create a beautifully designed phone that people will be proud to own," Peter Griffith, head of mobile phones industrial design at Nokia, said in a statement.
"We believe we've achieved that. ... We have created something that performs stunningly, without compromise."
The 515 also comes with Facebook, Twitter, and Nimbuzz pre-loaded. Plus, users can simply plug the phone into a PC or laptop via a USB cable to turn it into a portable modem.
And don't worry about feeling left out when your friends check their email or the weather forecast on their smartphones — the Finnish manufacturer has included the Mail for Exchange app to keep emails, contacts, and calendars synced.
The Nokia 515 will start rolling out in September, beginning in Russia, Germany, Switzerland, and Poland.
Check out the new feature phone in the video above.
Nokia isn't the only phone maker waxing nostalgic. Samsung last week introduced two Android-powered smart flip phones — the Galaxy Golden and Hennessy dual-screen clamshell handsets.