The Cairngorms National Park Authority granted approval for the design at a meeting held on Friday (11th October).
The plans were unveiled last year by the family owned Speymalt Whisky Distributors Ltd, who trade as Gordon & MacPhail.
The business, which has honed their expertise in Scotch Whisky over almost 125 years, also owns Benromach distillery near Forres.
The firm say they have been overwhelmed by the positive response from the local community.
Ewen Mackintosh, Managing Director, said: “We’re delighted to have received approval for our plans and we hope to get started very quickly, potentially this year.
“We’re looking forward to becoming part of the local community here. We’ve attended quite a few local events over the last year and been really heartened by the warm welcome we have received.
“As a family-owned business located in the north of Scotland we are very much rooted in our communities and we are keen to develop strong relationships in Grantown-on-Spey and the surrounding area.”
The modern design includes the distillery and warehousing, as well as tasting rooms, a visitor centre with retail space and a coffee shop.
The building has been designed to take full advantage of the outstanding views across the River Spey to the Cairngorms.
The circular nature of the building will disguise much of the day to day working area within the service yard and sedum roofs will allow the buildings to blend into the surrounding environment.