The local authority will buy a 1.178 hectare area on the former John Brown Shipyard site from Clydeside Regeneration Limited (CRL) for £1.82 million.
The deal, which is to be completed before the end of March, will allow for 189 new social homes to be built on the site.
The council has committed over £15m towards the project to unlock its potential for housing, leisure and retail opportunities.
The overall Queens Quay regeneration involves building 800 new homes, including a care home, retail unit, pub/diner, hotel and new public space with pedestrian access to the riverside and to the town centre and transport interchange.
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In addition, the council is examining the potential to develop a District Heating Scheme, which would utilise energy extracted from the river basin. This could be used across the whole site and also for existing buildings such as West College Scotland and the Council's Aurora House offices.
Once the infrastructure works are complete, including repairs to quay walls and new basin decking along with the creation of a new road layout, the first phase of the development will be the new care home and health centre.
Cllr David McBride said: "This decision is the next big step in the regeneration of Queens Quay and these 189 new homes will help breathe new life into this part of Clydebank. There is much still to be done in the drive to transform Queens Quay, but this is a significant moment in what is a vital project."
Cllr Lawrence O'Neill added: "We strongly believe that social housing will kickstart the regeneration of this area and we are therefore delighted to be able to agree the purchase of this land."
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