The Department for Infrastructure announced planning permission has been granted for the development.
It will serve as the main transport gateway, with rail, coach and bus connections to all parts of Northern Ireland and beyond.
A total of 400 jobs will be provided during construction as well as further investment and job opportunities.
The scheme is expected to take around five years to complete.
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Welcoming the progress, Translink Group Chief Executive, Chris Conway said: "We have seen strong passenger growth in recent years with a record 81 million passenger journeys last year, the highest in 20 years. This modern, innovative Transport Hub will allow us to build on this success, to meet growing customer demand, increase transport connectivity and enhance the customer experience as even more people choose to use public transport.
"There is widespread support across the local community, businesses, city stakeholders and political parties, and we are delighted that this project has been given the green light.
"We look forward to getting this 'transport led regeneration' project underway, in order to meet the future needs of commuters, visitors and residents in Northern Ireland. We will continue to work with all our stakeholders as the development progresses," he concluded.
This transport led regeneration project is one of the NI Executive Flagship Projects and a key element in delivering the outcomes of the draft Programme for Government.
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