"We are now of course examining exactly what that means for implementation in Germany," Baerbock told public broadcaster ARD.
Whether German authorities would move to arrest Netanyahu or former Israeli defence minister Yoav Gallant, who also had a warrant issued against him, is currently "theoretical", Baerbock said.
Germany is "bound by" the court as a country which recognises the body and respects international law, she said.
The ICC issued the arrest warrants on Thursday in response to accusations of crimes against humanity and war crimes in the conflict in Gaza.
In addition to Netanyahu and Gallant, the court also issued an arrest warrant for Mohammed Deif, the head of the military wing of Palestinian group Hamas.
Israel said Deif was killed in an air strike in July. Hamas has not confirmed his death.
The ICC arrest warrant drew a furious reaction from Netanyahu, who denounced it as "anti-Semitic" and said the court's accusations were "absurd and false".
World leaders were split on the international court's decision.
Many of Israel's allies criticised the warrants, with US President Joe Biden calling the move "outrageous".
The European Union's foreign policy chief Josep Borrell, meanwhile, said enforcing the warrants was "not a political decision".
"It is a decision of a court, of a court of justice, of an international court of justice. And the decision of the court has to be respected and implemented."
German government spokesman Steffen Hebestreit said on Friday Berlin was "one of the biggest supporters of the ICC", which came into being partly as "the result of German history".
"At the same time, it is a consequence of German history that we share unique relations with and a great responsibility towards Israel," Hebestreit said in a statement.
Further steps would only be taken if Netanyahu or Gallant were planning to visit to Germany, he said.
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