The Merry Go Zoo is Hayon's second installation in the Carroll Slater Sifly Piazza at the museum's Woodruff Arts Center, following a series of animal-shaped play equipment he created for the space last summer.
This year's offering is follows a similar theme. Hayon has created four tall cartoon-like characters in his distinguishable style, which sit upon stepped cylindrical bases.
Visitors can spin sculptures so the polyurethane animals and figures rotate on their wood and metal supports.
A series of performances and events are planned to take place on and around the installation throughout the season.
"Jaime Hayon has envisioned a dynamic, engaging and joyful setting that extends the museum's reach outdoors and invites visitors to experience art in an interactive way," said Sarah Schleuning, the museum's decorative arts and design curator.
Merry Go Zoo is the fourth edition of the High Museum of Art's summer installation programme, which previously included two projects by Mexican designers Héctor Esrawe and Ignacio Cadena in 2014 and 2015.
The current project coincides with an exhibition of Hayon's work in the museum's Anne Cox Chambers Wing.
Titled Technicolor, the show includes six large-scale textiles based on the Tiovivo designs he created for the courtyard last year.
The ceiling-hung pieces were woven from a variety of unusual fibres including rubber at the Tilburg Textile Museum's TextielLab in the Netherlands.
Also in the exhibition is a collection of hand-painted ceramics that "showcase Hayon's new explorations in colour and technique".
Merry Go Zoo and Technicolor both opened 24 June 2017. The outdoor installation will remain on view until 26 November 2017, while the exhibition closes 15 October 2017.
Earlier this year, the museum hosted a trio of installations by artist and designer Daniel Arsham, which included a bright blue tea house.
Photography is by Jonathan Hillyer.