The stadium would also incorporate a new athletics track, a hotel, a new health and fitness complex as well as retail development.
It would initially house 30,000 spectators but that figure would double after a third tier was erected on the site.
Chairman of the planning committee, councillor Graham Hinchley told The Bluebird's official website: "This is a landmark decision, which will support Cardiff City's aspirations to become a leading football club and bring significant economic benefits to the capital.
"I must commend the officers for the hard work they have put into this application, for their thorough reporting and for their impartial and professional views."
City's chief executive David Temme said: "This is a great day for Cardiff City and I am delighted with the news of the council's decision.
"I attended the council's meeting and there were good arguments for and against the plan to build this stadium - but the decision went our way."
Meanwhile Cardiff manager Lennie Lawrence (pictured) has stated that Tottenham's Gary Doherty will not join the club in time to play Nottingham Forest on Saturday.
However, he is hopeful that Spurs boss Glenn Hoddle will now sanction the move as both Dean Richards and Ledley King are returning from injury, making Doherty surplus to requirements at White Hart Lane.
He told The Western Mail: "Nothing will get done this week. Tottenham may well speed up selling Gary Doherty now that King and Richards are on their way back, but it won't happen this week.
"Signing Gary is on the back-burner. We are not there on that one yet. It has been a long, hard struggle and negotiations are ongoing.
"Gary is not the only player we are interested in. there are one or two others, but unless something absolutely dramatic happens, no-one will be coming to Cardiff this week - it will be next week at the earliest."
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