The application, approved by Argyll and Bute Council, allows the firm to advance with plans to build a distillery building to house a traditional, double-distillation Islay whisky.
Named Laggan Bay Distillery, it will become the 12th whisky distillery on Islay.
In addition, the firm will bolster their brewing credentials with a new building to house a brewkit for their Islay Ales.
The distillery and brewery site covers some two hectares, just opposite Islay’s airport in the centre of Islay, and is situated less than a mile from Islay’s longest beach, the Big Strand in Laggan Bay, from which the distillery takes its name.
As part of the project, The Islay Boys have announced a partnership with family-owned Ian Macleod Distillers Ltd to help bring the new distillery to fruition.
The Islay Boys have a long standing with Leonard Russell, chairman of Ian Macleod Distillers Ltd, who said: "I have known and worked with the Islay Boys for a long time, and I’m delighted to be able to bring our long experience in creating quality Scotch Single Malts to the Laggan Bay Distillery project."