The investment will see the introduction of an Olympic-sized ice rink, a 24-lane bowling alley, a 100-station gym, community rooms, a restaurant and a coffee shop.
The new facility is set to open in 2026, with visitor numbers expected to rise to 700,000 in the first year.
During the works, the existing ice bowl will remain open for activities.
Funding for the project will be provided by the council over the next three years.
The UK Government's Department for Levelling Up, Housing and Communities (DLUHC) has already pledged £12.2 million in financial support.
LCCC's Chief Executive, David Burns, described the investment as a "landmark commitment".
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The Mayor of Lisburn & Castlereagh City Council, Councillor Andrew Gowan, said: "Dundonald International Ice Bowl is a major tourist attraction in Northern Ireland, bringing more than half a million people to Dundonald every year since opening in 1986. As the only Olympic-sized ice rink in Northern Ireland and on the island of Ireland, it is the training home for the Belfast Giants and provides unique facilities for elite ice skaters to develop their talents.
"This flagship facility will help to grow our economy regionally, create jobs and enhance tourism within the LCCC area and greater Belfast. It will also contribute to local regeneration and support inclusion and equality of access to important health and wellbeing activities locally. The Council's ambitious capital programme also includes proposals for further development at Lough Moss and Laurelhill with works commenced on 3G pitches, Hilden Primary School, Wallace Play Park and Royal Hillsborough public realm.
"We are committed to ensuring this is a positive experience for everyone and have carefully considered access arrangements. The new facility will include changing place facilities and a full range of accessible equipment supporting people to enjoy the gym, ice and bowling. We anticipate that works will commence later this year and I am excited to see this project progress."
