The formula works by removing vital protein in sperm required for a woman to conceive.
The pill needs to be taken once every three months, says scientists behind the breakthrough.
So far, attempts at a 'male pill' have failed and scientists have been working on a contraceptive hormone jab for men given by doctors.
However, recipients in trials have complained of side effects including depression, moodiness and loss of libido.
The new pill is 100 per cent effective at stopping pregnancy and has no side effects, according to scientists.
"The pill we are developing gives men the joy of sex without any consequences," the Daily Express quoted Haim Breitbart of Israel's Bar-Ilan University, near Tel Aviv, as saying. (ANI)