The spoof cover is directed at the US weekly's latest issue, which shows a digitally enhanced photo of Princess Diana walking alongside Kate Middleton, the Duchess of Cambridge.
The mock Vanity Fair cover shows the two princes with a photo of the late king superimposed behind them.
Like Newsweek - which imagined what Diana would be doing at the age of 50 - Vanity Fair's cover says: 'James II at 310. If he were still here.'
Other headlines pose cheeky questions like: 'Harry or Wills? Who James II would have liked better (and why!).'
He died in 1701 at the age of 67 but Vanity Fair also tries to pair the deceased monarch with Kate's sister, Pippa.
One headline on the mock cover says: 'James II and Pippa: The love that might have been.'