Project Pinewood features up to 1,400 homes, of which 420 would be affordable, in replica streetscapes of cities including Venice, Amsterdam, Prague and New York on more than 40ha of green belt land.
Pinewood Studios corporate affairs director Andrew Smith said: "This project is of great benefit not only to our community and region but also to the UK and its creative industries."
He added: "We remain committed to this project and to developing and sustaining creative industries at Pinewood for the future. We will now review the details of the council's decision."
South Bucks planning committee chairwoman Jacquetta Lowen-Cooper said: "To have allowed this development would not only have caused degradation to the environment and residents' quality of life but would also have set a precedent, potentially undermining our ability to resist inappropriate schemes elsewhere."