The headless statue of hunting goddess Artemis dates from the middle of the first century B.C., archaeologist Athanassios Tziafalias said.
The statue, standing 82 centimeters (32 inches) tall, was found July 4, during work on the fringe of the ancient theater at Larissa, a town some 360 kilometers (225 miles) north of Athens, the AP reports.
The figure, dressed in a short tunic and a deerskin, lacks its arms and lower legs.
Archaeologists also found about 60 limestone and marble sections of columns from the theater, together with more than 100 inscribed stones expected to shed light on the town's history, Tziafalias said.
But hopes are high that more significant finds could be among the fragments.