Liverpool City Council granted permission for the King's Waterfront proposals, which include a 9,180-capacity multi-purpose arena, a conference centre and an exhibition facility. Outline approval was also given to a mix of uses on eight other parcels of land.
English Partnerships area director Eliot Lewis-Ward said: "The support which councillors have expressed for King's Waterfront reflects an incredible amount of work in preparing the full planning application, including community consultation."
The scheme is being promoted by urban regeneration company Liverpool Vision. Chief executive Jim Gill said: "This is a major step forward for this strategically important site for the city-region."