The Royal Borough of Windsor and Maidenhead granted planning permission for the Landing development at Broadway, on Wednesday.
Under the plans shops, offices, restaurants, up to 225 apartments and a central public space will be built at King Street and Queen Street.
It is due for completion in 2019 in time for the new Crossrail services.
The central space - Lantern Circus - will feature public art.
The developer is London and Aberdeen. Work is expected to begin next year.
A £230m major regeneration project for Maidenhead town centre has been given the go ahead.