The Royal Borough of Greenwich's Planning Board gave its approval last month for the development at Enderby Wharf, SE10.
Up to 55 cruise ships per year are expected to dock at the new terminal, which will also see the development of 477 new homes, a skills academy, restaurants, cafes and bars.
Planning permission was originally granted in 2012 for a passenger terminal on the site.
However, new European legislation that came into force earlier this year required cruise operators to stay for longer in London with vessels starting and ending trips in the capital.
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The new terminal is expected to be up and running by 2017.
It will help London become a marquee destination for cruise ships and will allow the city to become the starting and finishing point for worldwide cruises for the first time.
London's Deputy Mayor for Planning, Sir Edward Lister, said: "We have worked with the local authority and the developer to ensure the new terminal and surrounding infrastructure will meet the needs of thousands of tourists coming to the city each year.
"It will provide a major boost to tourism, benefit the local economy and further contribute to London's status as a world leading city."
In addition, the Mayor's office also asked independent air quality consultancy, Amec, to study the impact of emissions.
The terminal in Greenwich will accommodate medium-sized cruise liners up to 820ft long and is expected to attract tourists from around the world, especially North America and Europe.
(LM)
