Infrastructure Minister Nichola Mallon MLA granted final planning approval.
As a result the Ulster Council of the Gaelic Athletic Association (GAA) will be able to build a new 34,578 capacity stadium on its existing site on the Andersonstown Road.
Minister Mallon said: "This is an historic day for the GAA in Ulster and for Gaels across our island.
"Last October I announced my intention to grant planning approval and I am delighted that all the statutory processes have now been completed to make that decision official and allow the Ulster Council of the GAA to proceed with their development plans.
"This has been a long and complex process, predating my time as Minister, however we must now move forward and see progress on the ground, progress that will bring many sporting, social and economic benefits not just to West Belfast but right across the city and beyond.
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"This will be fantastic news for the GAA family across Ulster and Ireland, particularly with the Ulster Final taking place this Sunday. Here’s to an exciting Ulster final and many memorable games to come in a new state of the art stadium in Casement, now that the GAA is to finally have the home it deserves in Ulster."
Communities Minister Deirdre Hargey said: "A modern, fit-for-purpose Casement Park stadium will support the development of Gaelic games from the grassroots up. The Ulster Council of the GAA, Antrim GAA and the community of west Belfast will not be the only beneficiaries of this significant project; it will have far reaching economic, social and health impact for Belfast and beyond.
"Over the coming weeks I will be working closely with our stadia programme board, the UCGAA, the Department of Finance and the Executive to ensure that the Full Business Case for the redevelopment of Casement Park progresses at pace.
"This investment will be a major boost for Belfast and the wider economy. It will also provide a safe place for children, young people and Gaels to exercise, train and play Gaelic games – which will be crucial for mental health and general physical wellbeing as we emerge from the Covid-19 pandemic.
"It's time to get Casement Park built!"
