Pentlands Studio was granted planning permission by the Scottish Government on Thursday.
PSL Land Ltd, who are behind the project, is now working towards drawing up detailed designs with contractors.
Jim O’Donnell, director of development for the firm, said: “We are extremely pleased to have reached this major milestone in the studio complex’s journey, after a considerable period of time and work to date.
“We particularly want to thank those who have supported the project throughout the past three years, and we look forward to reaching the next milestone as soon as possible.”
The film and television studio will be built in Straiton, Midlothian.
The proposal includes a hotel, energy centre, film school and student accommodation.