The new station will replace the current 1960s station and will have a host of new features.
Development of the bus and rail interchange is due to take place as part of the wider £500m regeneration of Perry Barr, which includes the Athletes Village, changes to the road network and introduction of Sprint rapid transit buses.
The project is being led by the West Midlands Rail Executive and Transport for West Midlands, part of the West Midlands Combined Authority in partnership with Birmingham City Council, Network Rail and West Midlands Trains.
Malcolm Holmes, executive director of the WMRE and director of rail for TfWM, said: “Perry Barr railway station is rightly seen by many as unattractive and unsafe and this redevelopment is long overdue.”
Phil Edwards, assistant director for Transport and Connectivity at Birmingham City Council, said: “The railway station and bus interchange are important parts of the Perry Barr redevelopment project, improving connectivity across Birmingham and serving a growing population, so it is important that as many people as possible have their say on these plans.”