The scheme would include twelve sound stages, a multi-storey car park, a reception and administrative block, and ancillary production support buildings.
According to a planning report, the applicants are insurance group Legal and General who own the site. Media firms Sky/NBC Universal would lease the site and be the developers and operators of the studios, the report said.
A full planning application was approved by Hertsmere Borough Council at a planning committee meeting yesterday.
The planning report advised that the site is identified as Safeguarded Land For Employment Development in the Hertsmere Local Plan.
The report said: "It is clear that this proposal complies with [local plan policy] which supports the development of film and television studios in Borehamwood, and that it complies with [local plan policy] which safeguards this particular site for employment development".
"The proposal should therefore be regarded as acceptable in principle", the report advised.
Recommending consent, planners advised that the studios "would bring major economic benefits to the borough (including the creation of the equivalent of 1,532 full time jobs)".
They also found that it would "bolster the British creative and film making industry that is clustered in Hertfordshire and Buckinghamshire".
Earlier this week, plans were approved for a new film studio complex on a derelict industrial site at Dagenham in east London.