At a Cabinet meeting this week, councillors heard that the masterplans could be worth £20.2 million to the Midlothian economy and generate 447 jobs.
The masterplans will be used to inform the future land uses in these areas and will be taken into account when future planning applications are considered.
The approval comes after meeting with the local community, the most recent of which was earlier this month.
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The Newtongrange masterplan includes community facilities, retail units and housing focused round a new village square, an artist's impression of which is above.
The masterplan will improve footpath links to the mining museum and Newtongrange Station.
The Stobhill and Lady Victoria masterplans build on the heritage of the mining museum offering tourism-focused commercial and shopping space. Any retail use will complement but not compete with shops in Newtongrange centre. The masterplans includes various types of housing and there are green spaces with strong pedestrian and cycling routes to the village centre, station and wider area.
The Cabinet heard hundreds of local people attended a series of consultation events to give their views. These helped shaped the final masterplans, which councillors agreed had great potential to help regenerate the local area.
The proposals outlined in the masterplans will not go ahead without further consultations with landowners, the local community and developers to discuss how the plans should progress.
