The silhouette snapshot shows the 43-year-old rapper holding his daughter high above his head while standing in a shallow infinity pool, which is framed by palm trees and overlooking the ocean.
Jay Z, wearing tropical shorts and a white t-shirt, can be seen gazing lovingly up at his adorable 22-month-old child, who is dressed in a little swimsuit.
The superstar musician seems to have a very special connection with baby Blue.
CLICK ON PHOTO FOR MORE SWEET SNAPS OF BLUE IVY
In the November issue of Vanity Fair, he spoke about bonding with his daughter over his music, and revealed that she loves his new album, Magna Carta Holy Grail.
"She loves all the songs," he said. "She plays a song and she goes, 'More Daddy, more… Daddy song.' She's my biggest fan.
"If no one bought the Magna Carta the fact that she loves it so much, it gives me the greatest joy. And that's not like a cliche. I'm really serious. Just to see her — 'Daddy song, more Daddy'. She's genuine, she's honest, because she doesn't know it make me so happy. She just wants to hear it."
Jay Z, who along with his wife recently topped Forbes list of highest-earning celebrity couples, also said that Blue is a big fan of Beyonce's songs.
"She does like her mother's music — she watches (Beyonce's concerts) on the computer every night. But my album came out and I don't know if Blue ever heard any of my music prior to this album… But this album was new, so we played it."