The £113 million Cross Tay Link Road will direct vehicles away from the city centre by linking the A93 and the A94 north of Scone to the A9 between Inveralmond and Luncarty.
The preferred route for the project was approved unanimously by members of Perth and Kinross Council.
A report prepared by the local authority suggested the new bridge would lead to increased productivity and a wave of new homes.
Council depute chief executive Jim Valentine noted in the paper “increasing concern” about traffic congestion and air quality issues around Perth over the past 20 years, which are linked to the rising number of vehicles passing through the city.
The route has two-thirds of its funding in place, with the remainder tied to the approval of the proposed Tay Cities Deal.
The report estimated that for every £1 of capital invested in the new bridge and link road, the completed project would generate an estimated £4.30 of revenue.
It added the project could lead to a total of £966m of private sector investment.
The new route and bridge is planned to open to general traffic by 2022.
A final design for the crossing has yet to be released.