The funding will help deliver new housing and transform Drumchapel Town Centre, including a new public plaza and an improved transport network with better walking and cycling routes.
It will also include enhanced community facilities, new green space and street furniture and work to address local flooding issues.
The project's priorities emerged following extensive consultation with the community in Drumchapel.
At a meeting of the council's City Administration Committee, elected members agreed to accept the £14.98million award from the UK Government's Levelling Up Fund. The council will provide a further £1.664million in funding, bringing the total project cost to £16.644million.
Councillor Susan Aitken, Leader of Glasgow City Council, said the regeneration of Drumchapel had been a top priority when identifying projects for Levelling Up support.
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She said: "I'm delighted that having worked hard to secure this funding the long-overdue regeneration of Drumchapel Town Centre will soon be going ahead. An investment of this scale in a community like Drumchapel is hugely significant and the residents deserve nothing less.
"Drumchapel's town centre is the heart of the local community. It's relied upon by many for shopping and vital services. The people of Drumchapel have every right to expect that their town centre meets their needs and aspirations for a vibrant and healthy environment.
"Working with the community, council officers put forward an extremely strong case for investment for Drumchapel and I'm delighted this has been borne out by the award of the funding."
An earlier round of LUF decisions gave funding approval to the Pollok Stables and Sawmill project, which is now underway in Glasgow's Pollok Country Park.
Six projects put forward by the city council, including Drumchapel, were rejected in the second round of Levelling Up funding in 2023, following a late rule change by UK Ministers disqualifying local authorities who had a project successfully funded in the first round. Drumchapel was subsequently selected in the third round.
Design teams are currently being put together by the council, and a project programme which includes further public consultation is being prepared. Public realm and road works are programmed to be on site in the Spring of 2025 and completed later that year, with works to provide new community facilities expected to begin in Spring 2025 with completion in early 2026.
Council officers will be working closely with the Department for Levelling Up, Housing and Communities' officials, updating them on project progress and delivery.
