The Higher Home Park scheme from club owner Akkeron includes a brand new grandstand, 10-screen cinema and an ice-rink.
The new £10m grandstand will complete the missing element of the stadium after contractor Barr built three stands at the ground six years ago.
Argyle Chairman James Brent said: “Securing planning consent is an important milestone and heralds a new and exciting chapter for Plymouth.
“I would like to put on record my sincere thanks to the overwhelming number of individuals and representative groups who worked with us on the shaping of the scheme and for supporting what we want to achieve for them and future generations.”