The iPad Mini features include Apple's very own Siri voice assistant.
Although the smaller tablet is basically an iPad 2 shrunken down, Apple made the decision to install Siri into the device even though it never made it to the second generation model.
Other than Siri, the iPad Mini and iPad 2 feature mostly the same specifications.
The iPad 2 seems to be getting more dated by the minute and tech publications are already predicting that Apple will probably drop it from its tablet line-up once the fifth-generation model launches sometime next year.
The iPad Mini features a 7.9-inch 1024 x 768 display, making it slightly larger than many small tablet competitors, such as the Google Nexus 7 and Amazon Kindle Fire HD.
Other specifications on the iPad Mini include 4G LTE connectivity, a dual-core A5 chipset, front Facetime camera, rear 5-megapixel camera, a Lighting connector, and a battery capable of lasting up to 10 hours.
It can be held in one hand and features tons of applications specifically designed for iPad users.
The iPad Mini will come in three memory capacities including a 16GB, 32GB and 64GB.
The Wi-Fi only models will retail for $329, $429, and $529, pricing them slightly above their competitors, while the cellular versions will sell for $459, $559, and $659.
The 4th generation iPad model was also unveiled at the Apple event yesterday and will replace the current third-generation line. It will be priced exactly the same, starting at $499 for the 16GB Wi-Fi version. The iPad 2 will also still be available.
Apple began taking pre-orders for the iPad Mini today.
The Wi-Fi versions will ship on Nov. 2, with the cellular models following suit two weeks later.