The rapper dresses up in drag - complete with blonde ponytail, full make-up and a conical bra - to look like the Queen of Pop during her Blonde Ambition tour.
In the video, for new single Just Lose It, Eminem struts around the stage in the raunchy pink corset.
But he accidentally gets too close to a flaming candelabra - and sets one of his pointy boobs on fire.
A source revealed: "Eminem is really getting into sex and gender issues." Madonna is the latest pop star to be mocked by the cheeky rap star - he has previously poked fun at Britney Spears, Moby and 'N Sync in his videos.
Eminem also strips off in the latest video.
The singer, who caused controversy at this year's MTV Movie Awards when he bared his bottom, is seen running through the streets of Los Angeles naked - with nothing but a sock to protect his modesty.
Onlookers recently claimed Eminem - real name Marshall Mathers III - may have had an all-over body wax, as his body looks extremely smooth.
The single is the first to be released from his fourth album, Encore.
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