The plans were approved by Rushcliffe Borough Council.
Leader of Rushcliffe Borough Council Cllr Simon Robinson said: "Both sides have shown commitment to get the application through and do the very best for the club, the supporters and Rushcliffe itself.
"We appreciate Nottingham Forest is a very keen partner of the council. They bring a huge amount of business right across the Borough. We’re absolutely delighted that this application has now been passed and we look forward to working with them going forward."
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In a statement Nottingham Forest said: "We believe that the development of the site is crucial to maintaining the club's status in the Premier League and all of the benefits to the local community and economy which this status brings.
"The development will also represent the physical manifestation of the desire of the Club’s owner Mr Marinakis to leave a historic legacy at the football Club.
"The decision now opens the door to the Club to have detailed discussions with its advisers and partners on how and when the development will be delivered.
"These discussions will be undertaken as soon as practicable and the club remains determined to provide the wonderful supporters of the Club with a stadium of which they can be truly proud in the modern era."
