The document – published by local business membership organisation Business West – says that around 6,000 hectares will be needed to accommodate the new homes and jobs.
The blueprint – published as a book called 2050: High in Hope – includes examples of the type of development that could take place in Bristol. It proposes initially developing sites such as St Philips Marsh and the areas around Cumberland Basin.
It also proposes the development of Avon Barrage, extending High Speed Rail to Bristol, and introducing more powers to levy local taxes and use the funds.
"The vision seeks to establish that thoughtful strategic planning in the broadest sense will yield greater positive outcomes," the document says.
"It also points to the danger that, without such a vision, the unavoidable growth will be haphazard, unproductive and, possibly, corrosive."
John Savage, the author of the report, said there was currently uncertainty about how the Bristol area would develop in future.
"There is no longer-term vision, no overall leadership, no sense of a shared direction. By ensuring that the business voice is heard and championing Bristol as the place to do business and to live, we believe that we can achieve a tangible and improving return on public investment, with a significant increase in the gross domestic product of the city-region," he said.
"We must make a statement to both local and national government about the importance of the city region and the desire for change and strong leadership."
2050: High in Hope can be downloaded here.