The new Waid Academy in East Neuk is being built by BAM Construction.
The building will replace the existing facility and will include a new library, police services, a community office, adult learning and secondary education.
The Scottish Government is also providing a £11m boost towards the cost of the project.
Council Leader David Ross said: "The Waid will be so much more than a school – it will be an asset the whole community can benefit from.
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"The community hub concept is a new way of making the most of our assets to the greatest benefit of all. The building will incorporate a range of facilities and organisations under one roof which will include local services, a library and - for the first time in any of our buildings - police services."
Minister for Learning Alasdair Allan added: "The Scottish Government has worked closely with Fife Council to help improve its school estate and I'm pleased we could provide around £11 million in funding towards this project through our Scotland's Schools for the Future programme.
"This is an ambitious project which will provide a modern environment for pupils to learn in and fantastic new facilities for the whole community to enjoy."
The Waid will be one of six secondary schools and two primary schools making up Fife Council's £250m Building Fife's Future Programme.
The building is scheduled to open in 2017.
(LM/JP)
