The approval means that the the applicant, Ravenscraig Ltd, can now begin to develop the 376 hectares of derelict land.
The masterplan includes residential areas, education and community facilities, business and employment areas, open space including a town park, hotels, a new town centre with retail, leisure, business, housing and associated transport infrastructure.
Council Depute Leader Councillor Paul Kelly, said: "This is the most significant regeneration project in North Lanarkshire and, indeed, Scotland which will see new communities created, with homes and facilities for 12,000 people.
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"The masterplan for Ravenscraig will completely transform the area, bringing much needed homes, jobs, leisure facilities, green spaces, shops and business opportunities.
"It also brings construction work and employment for 20 to 30 years ahead as work progresses across the site, bringing major economic benefits to the whole of North Lanarkshire and beyond.
"The masterplan will be supported by the Ravenscraig Infrastructure Access project, funded by the council and Glasgow City Region City Deal. This will see new road infrastructure linking Ravenscraig to the rest of the motorway network, from the M74 at Motherwell, to the M8 at Eurocentral, and the A73 south of Cumbernauld.
"Today's approval of the Ravenscraig masterplan is the first step in a unique multi-million pound project which will transform a derelict site and improve the quality of life of thousands of North Lanarkshire residents."
The planning application gives 'in principle' approval to the masterplan; each individual development within the plan will require detailed planning permission.
