The scheme involves the construction of a 3,000-capacity stadium to the north west of Dales Manor Business Park, plus a floodlit grass pitch, full-sized training pitch and 500 parking spaces.
The development site at Sawston will also include a community facility.
This is the second time the planning committee has approved the scheme, following a successful objection from a local resident, which led to the Court of Appeal invalidating the original permission (from June 2014) earlier this year.
Kevin Satchell, chairman of Cambridge City Football Club, said: “I am delighted that it has been approved.
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“Obviously we have been in this situation before, but it is still a big moment for us and gives us real hope once again that sooner or later we will have a place we can call home.
“The judgement earlier this year was a setback for us, but the decision today is a major boost for us as the project is back in our hands once more.
“That said, we are mindful that permission will still have to be signed off by the secretary of state, but hopefully we will not encounter the problems we had with the initial application.”
Although there is currently no specific timescale for building work, this is expected to become clear upon approval by the secretary of state.