A total of £9m is being invested by Historic Scotland with an additional uplift of £3m granted by the Scottish Government.
The result will be a major new attraction that is predicted to raise castle visitor numbers to around 480,000 a year - compared to around 398,000 in 2007-08.
Visitors will not only be able to see how the king's and queen's halls and chambers may have looked in the mid-16th century, they will be welcomed and shown round by costumed interpreters richly dressed in authentic costumes of the era.
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Chris Watkins, head of Historic Scotland's major projects team, said: "The conservation and presentation of James V's magnificent Renaissance palace is the most ambitious phase of Historic Scotland's project at Stirling Castle.
"It will mark the culmination of many years of research and skilled conservation and craft work that have helped reinstate the splendour that the Stewart monarchs gave to Stirling.
The refurbishment of the Great Hall and the Chapel Royal has been completed. This phase will help emphasise the grandeur of the palace, the royal lodgings and James V's aspiration to create a Scottish court of European importance.
"Much of the investment is from our own resources but we are delighted that the Scottish Government has provided the additional funds needed to carry out this part of the project," Mr Watkins added.
A total of £9m is being invested by Historic Scotland with an additional uplift of £3m granted by the Scottish Government.
Linda Fabiani, Minister for Europe, External Affairs and Culture, said: "This is a bold and imaginative project. We are firmly committed to making the very most of the nation's fabulous culture and heritage, which are so important to our tourism industry."
(GK/JM)
