The station will have three new platforms and will be fully accessible with a footbridge and lifts to each platform.
Other features include retail facilities, a 1,000-space cycle park and 450-space car park for passengers.
It is hoped 3,000 journeys will be made from the station every day.
The development will be funded by the Department for Transport and developed by Network Rail in partnership with Cambridgeshire County Council.
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Rail Minister, Claire Perry, said: "We are investing £44million in this new station to provide better journeys across Cambridge. It will ease traffic congestion, improve connectivity and boost the local economy. Today's planning permission gives the green light for the start of construction and brings us one step closer to delivering these huge benefits."
Helen Warnock, Network Rail Area Director, added: "Cambridge is one of the fastest growing cities in the UK and this new station will not only help to meet existing demand but also unlock future growth. It will provide fantastic facilities for passengers and help take pressure off the main station and reducing congestion in the city."
Building work is to start this autumn and the new station is expected to open in December 2016.
(LM)
