Silverstone's 20 year 'masterplan' has been given the green light by two local councils at the heart of the scheme.
The Aylesbury Vale District Council and South Northamptonshire Council have given the circuit permission to push ahead with development of a business park, technology park, education campus, three hotels, a welcome centre and museum of motorsport.
Other features include a kart track and outdoor stage and grandstands and support paddock.
Richard Phillips, managing director of Silverstone Holdings Ltd said: "We are delighted with the outcome and approval of this planning application - this is the most important initiative that Silverstone has taken in its 60-year history as the Home of British Motor Racing," he said.
"This planning will help maintain Silverstone's position as a leading global centre for sport, leisure, education and technology and retain its position as a world-leading motorsport destination.
"I would also like to take this opportunity to thank both Aylesbury Vale and South Northamptonshire Councils, for the way in which the two planning authorities have worked together on this application."
The project promises to create around 8,400 permanent jobs and 550 construction jobs per annum.