The Lake District National Park Authority has granted consent to plans for the £13.3m Windermere Steamboat Museum.
The museum has been designed by London architect Carmody Groarke on behalf of the Lakeland Arts Trust.
It will house the museum's "nationally significant" boat collection on the shores of Windermere in the Lake District National Park.
The museum development will include exhibition space for displaying the steam launches, motorboats, yachts and other vessels; telling the stories of their construction, owners and use on Windermere.
Carmody Groarke won the project through an open international competition organised by the RIBA.