  We study the electromagnetic form factors of $\Lambda$ hyperon in the
timelike region using the recent experimental data in the exclusive production
of $\bar{\Lambda} \Lambda$ pair in electron-position annihilation. We present a
pQCD inspired parametrization of $G_E(s)$ and $G_M(s)$ with only two
parameters, and we consider a suppression mechanism of the electric form factor
$G_E(s)$ compared to the magnetic form factor $G_M(s)$. The parameters are
determined through fitting our parametrization to the effective form factor
data in the reaction $e^+e^-\rightarrow \bar\Lambda\Lambda$. Except the
threshold region, our parametrization can reproduce satisfactorily the known
behavior of the existing data from the BarBar, DM2 and BESIII Collaborations.
We also predict the double spin polarization observables $A_{xx}$, $A_{yy}$ and
$A_{zz}$ in $e^+e^-\rightarrow \bar\Lambda\Lambda$.
