The development, which entails the building of a multi-purpose Elite Training Facility and Community Sports Complex, was approved at a meeting of Ealing Council on Wednesday night.
The complex will feature grass pitches as well as both indoor and outdoor 3G artificial surfaces, plus expanded gym and sport science facilities.
QPR, who look doomed to relegation from the Premier League after a disappointing season, are hopeful that work will commence in the coming months and that the facility will be ready prior to the 2015/16 campaign.
A landmark day
The club's Chief Executive Philip Beard said: "This is a landmark day for Queens Park Rangers Football Club.
"We are hugely grateful for the support shown by all parties, especially the local residents, who we hope will benefit extensively from the range of facilities and activities that will become available over the course of the coming years.
"There is a lot of hard work ahead of us as we finalise the design details and tendering of the project, but today's news is a massive step forward and a significant milestone for the club."
A statement on the club website added: "The Elite Training Facility will house the entire football department, including our thriving Academy.
"The Community Sports Complex will use the extensive experience of QPR in the Community Trust to develop participation programmes and forge stronger and deeper local connections.
"QPR in the Community Trust will create a progressive programme of sporting, educational and social activities, leading to enhanced life experiences for Ealing residents."