Developers say they want to turn the 77-acre site where Earls Court Exhibition Centre currently stands into a "new London district" by creating a High Street and 7,500 houses.
Earls Court was built in 1937 and is famous for hosting the Ideal Home Show and the Royal Tournament.
A part of south west London's history is being demolished to make way for thousands of new homes.
Earls Court, the exhibition centre, is being knocked down. Kensington and Chelsea's planning committee approved the scheme last night.