Owner British Land said that the refurbishment will start in autumn 2015 and take until the end of 2017 to complete.
The works will create distinct districts within the centre, each with a different finish including wood and punctured metal. The works will also enable a number of retailers to install double height shop fronts.
Refurbishment work will largely be completed out of hours to enable all retail and leisure operators to continue trading.
Since opening in 1990 on the site of a former steelworks, Meadowhall has averaged more than two million customer visits a month.