Properties and investment held by private schools would be "redistributed democratically and fairly" across the country's educational institutions as part of the reforms.
It was also announced at the party conference that Labour would see the percentage of privately educated students in the United Kingdom reflected in universities, now standing at seven per cent.
The main United Kingdom opposition Labour Party adopted a policy to scrap private schools such as Eton - the alma mater of Prime Minister Boris Johnson and the second-in-line to the throne, Prince William.
The take-over of private schools would not be without cost, however, with the BBC noting that it would result in some 600,000 formerly-independent school pupils - the school population of Wales - to be educated by the public purse, an estimated £3.5 billion on top of the education budget.
This would come with withdrawal of charitable standing and "all other public subsidies and tax privileges", together with enterprise price exemption.
Labour leader Jeremy Corbyn attended a private school
Labour MP Paul Sweeney, a supporter of the Abolish Eton campaign, said it was right to take "the grubby pound" out of the education system, however.
"This huge leap forward is a testament to the hard work of grassroots Labour members and the ambition and determination of Angela Rayner and John McDonnell".
She added: "We will dismantle systems of privilege and inequality and build a society that works for the millions and not the millionaires".
She also pledged to scrap education regulator Ofsted and replace it will a new "peer review system", saying: "Schools will no longer be reduced to a one-word grade or subjected to a system that hounds teachers from the classroom".
Head of Dover College Gareth Doodes, who attended Eastbourne College, said on Twitter: "I went to @EBCollegeLife because my parents made a choice and then made enormous sacrifices".
"If implemented, it will be an act of unprecedented vandalism".