The Queens Quay scheme, which will include housing, retail and leisure outlets as well as a health quarter, will be built at the former John Brown's shipyard.
The plans were presented by owners Clydeside Regeneration Limited (CRL) and its is expected to take over 10 years to fully develop the 23 hectare site.
In addition, early proposals are in place to develop a District Heating Scheme powered by extracting energy from the river basin.
The Planning Committee's decision means the first phase of the development can get underway, which will see essential infrastructure works carried out, including repairs to quay walls and the creation of a new road layout.
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Once this is completed, work will begin to build a care home and health centre with the housing, retail and leisure elements to follow.
The developments will complement existing facilities at the site, including the Council's offices at Aurora House and the new £23.5 million leisure centre which is set to open early next year.
Paul O'Donnell, representing CRL, told the committee: "At long last this represents the regeneration of John Brown's shipyard. We aim to create an esplanade along the entire frontage of the Clyde and round the basin, opening up this area of Clydebank to the whole community for the first time.
"Our aspiration is to create a development that's a little bit different from other major urban regeneration projects, with high design standards at its heart. This development will undoubtedly grow the local economy and will become a focal point for the community to use."
Provost Douglas McAllister, Vice Convener of Planning, added: "John Brown's shipyard built some of the world's most famous ships and now we are set to breathe new life into this key site. Bankies have a strong affinity with the yard and I'm delighted that we will now be opening it up for the whole community to enjoy.
"As well as creating around 1,000 homes across the whole development, which will improve local housing opportunities, it will also provide a state-of-the-art care home and health centre for the people of Clydebank."
(LM)
