The university's innovation campus will be built on land at Maindy Park.
Buildings will house researchers, businesses and students to develop research into practical uses, with work set to start in early 2017.
Vice-chancellor Prof Colin Riordan said: "A new campus helps us create opportunities for all."
The campus will house researchers in a range of fields, including semiconductors and chemical sciences, and a base for start-ups working with the Medicentre at Heath Park.
Each building is 12,000 sq m (129,166 sq ft) and the campus will be linked to the existing business school via a bridge.
Prof Riordan added: "We are hiring internationally-renowned academics who can build world-class teams of post-doctoral researchers.
"We are equipping students with the skills they'll need to set up future ventures."
Two buildings which will form part of Cardiff University's £300m research centre have been given the go-ahead by Cardiff council.