"You can add up to 50 favourites, and make changes to your list at any time — people are not notified when they are added or removed," Instagram said in a statement.
"Posts from your favourites list will also show up higher in your home feed, as shown by a star icon."
The Following will also see posts appear in chronological order, which was the app's norm before a 2016 update.
That change saw Instagram remove the chronological feed which showed posts in order of the latest published content.
Two new chronological views have been added to your Feed. Tap “Instagram” on the top left of your app to switch between Favorites and Following. pic.twitter.com/737vVmo9aV
Instead, it switched to the algorithm-based feed that shows posts users' previous interactions would be interested in seeing.
A third feed, Home, will still be sorted algorithmically in the latest update.
"In addition to your main home feed, we're launching new options that let people choose to see posts in Feed from their favourite accounts, or from the accounts they follow, in chronological order," Instagram explained.
"We want people to have meaningful control over their experience on Instagram and the content they see."
The update will be available for users from Thursday morning.