The invention provides a new and an improved female condom product and a method for manufacturing the same. The female condom product assembly includes a tubular sheath (2), an exterior bead (3) and a retention device (4). The tubular sheath is manufactured by dipping process and an exterior bead is formed by rolling the tubular sheath itself. The bead has sufficient thickness such that it will not unroll. The ring shaped retention device is prepared by foaming process using foaming agents or by moulding process. The female condom is made from natural latex so that it is soft and very comfortable to use. It has highly elastic modules and good storage stability.