The area has been earmarked as a major opportunity location in the mayor's revised London Plan. Key priorities include delivering a transport gateway around the tube station.
The £500 million Grahame Park renewal scheme and regeneration of Beaufort Park are also planned. The redevelopment of a former hospital and library will create a town centre.
The London Borough of Barnet said the action plan would provide a better vision for Colindale and allow the council to assess individual proposals' impacts. These include planned infrastructure, the scale of development and sustainability.
The council's major projects and heritage manager Martin Cowie added: "We prepared a framework but it was unsatisfactory. We were being led by development control rather than strategic plans. But Colindale has been identified as a key growth area, so we need to ensure that it gets the time and energy that it deserves."
Urban Practitioners is the lead consultancy working to develop the plan, along with transport consultancy Colin Buchanan and Rick Mather Architects.