The council describes the project as one of the UK’s biggest port-related developments.
The park covers almost 1,000 acres and will create transport depots, warehousing, external storage areas, offices, a business park, a motel and energy developments.
It is expected to pave the way for further investment on the South Humber Gateway, with up to £1.5bn indirect investment being attracted.
The council says that 327 construction jobs will be created.
Council leader Liz Redfern said: “This is a major breakthrough and marks the first step to attracting further investment on the South Humber Gateway. The site is the fastest growing ports and logistics centre in the country and has the potential to be Europe’s leader in renewable energy.”
The plan had initially been opposed by Natural England and the RSPB, which were concerned about the impact that it would have on the water birds of the Humber estuary.
Ms Redfern added: “I cannot stress enough what a major achievement it is that we have managed to balance the needs of nature conservation and development with a large part of the site to be used for landscaping and habitat creation, and balanced with the creation of more than 5,000 jobs, with over half of those being manufacturing jobs, is wonderful.”