Councillors voted 12-1 in favour of the scheme.
The UWE Stadium will provide a new home for Rovers and may also house Bristol Rugby Club.
The plans for the 21,700 all-seated stadium include an extensive club shop, banqueting and hospitality suite, convenience store, gym, jogging track and teaching space.
The football club and UWE Bristol announced their plans a year ago to build a new stadium near the University's Frenchay Campus, funded by selling the club's existing Memorial Stadium to Sainsbury's.
The Memorial Stadium was acquired by Rovers in controversial circumstances during 1998, when the rugby club, which had owned the site since 1921, ran into financial difficulties.